Ivanhoe Mines (TSE:IVN) Trading 6.1% Higher on Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report) shares shot up 6.1% on Monday after Jefferies Financial Group raised their price target on the stock from C$23.00 to C$24.00. The stock traded as high as C$11.28 and last traded at C$10.90. 2,980,011 shares traded hands during trading, an increase of 26% from the average session volume of 2,358,494 shares. The stock had previously closed at C$10.27.

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

Ivanhoe Mines Stock Performance

The company's 50-day simple moving average is C$14.12 and its 200 day simple moving average is C$16.82. The stock has a market cap of C$11.17 billion, a P/E ratio of 71.22 and a beta of 1.94. The company has a current ratio of 1.36, a quick ratio of 20.86 and a debt-to-equity ratio of 2.48.

Ivanhoe Mines Company Profile

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.