Ivanhoe Mines (TSE:IVN) Stock Price Up 8.6% After Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report)'s share price was up 8.6% during trading 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$11.39 and last traded at C$11.15. Approximately 5,567,825 shares traded hands during trading, an increase of 132% from the average daily volume of 2,400,169 shares. The stock had previously closed at C$10.27.

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

Ivanhoe Mines Trading Up 7.9 %

The stock has a market capitalization of C$11.17 billion, a price-to-earnings 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. The business has a 50 day simple moving average of C$14.12 and a 200-day simple moving average of C$16.82.

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.