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

Shares of Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report) shot 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. 5,567,825 shares were traded during mid-day trading, an increase of 132% from the average session volume of 2,400,169 shares. The stock had previously closed at C$10.27.

IVN has been the topic of several other research reports. UBS Group cut their price target on Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. Raymond James decreased their price target 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. Citigroup dropped their price objective on shares of 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. TD Securities decreased their price objective on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set a "buy" rating for the company in a research report on Thursday, January 9th. Finally, Scotiabank dropped their target price on Ivanhoe Mines from C$21.00 to C$20.00 and set an "outperform" rating on the stock in a report on Thursday, January 9th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of C$23.20.

Ivanhoe Mines Stock Up 7.9 %

The stock has a market capitalization of C$11.17 billion, a PE ratio of 71.22 and a beta of 1.94. The firm has a 50 day moving average of C$14.12 and a two-hundred day moving average of C$16.82. The company has a current ratio of 1.36, a quick ratio of 20.86 and a debt-to-equity ratio of 2.48.

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.