Ivanhoe Mines (TSE:IVN) Trading 9.5% Higher After Analyst Upgrade

Shares of Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report) shot up 9.5% during mid-day trading on Monday after Jefferies Financial Group raised their price target on the stock from C$23.00 to C$24.00. The company traded as high as C$11.39 and last traded at C$11.25. 3,591,072 shares traded hands during mid-day trading, an increase of 52% from the average session volume of 2,364,820 shares. The stock had previously closed at C$10.27.

A number of other research firms also recently weighed in on IVN. TD Securities dropped their target price on Ivanhoe Mines from C$25.00 to C$24.00 and set a "buy" rating for the company in a report on Thursday, January 9th. UBS Group cut their price objective on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. Raymond James lowered their target price on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set an "outperform" rating on the stock in a report on Thursday, January 9th. Citigroup cut their price target on Ivanhoe Mines from C$24.00 to C$20.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Finally, Scotiabank lowered their price objective on Ivanhoe Mines from C$21.00 to C$20.00 and set an "outperform" rating on the stock in a research note on Thursday, January 9th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of C$23.20.

Ivanhoe Mines Stock Up 7.9 %

The company has a quick ratio of 20.86, a current ratio of 1.36 and a debt-to-equity ratio of 2.48. The firm has a 50 day moving average of C$14.12 and a 200 day moving average of C$16.82. The firm has a market cap of C$11.17 billion, a price-to-earnings ratio of 71.22 and a beta of 1.94.

About Ivanhoe Mines

Ivanhoe Mines Ltd. engages in the mining, development, and exploration of minerals and precious metals primarily in Africa. It explores for platinum, palladium, nickel, copper, gold, rhodium, zinc, silver, germanium, and lead deposits. The company's projects include the Platreef project located in the Northern Limb of South Africa's Bushveld Complex; the Kipushi project located in Haut-Katanga Province, Democratic Republic of Congo; and the Kamoa-Kakula project located within the Central African Copperbelt.