Ivanhoe Mines (TSE:IVN) Trading 7.8% Higher After Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report) shares shot up 7.8% 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 stock traded as high as C$11.39 and last traded at C$11.07. 4,033,377 shares were traded during mid-day trading, an increase of 70% from the average session volume of 2,374,702 shares. The stock had previously closed at C$10.27.

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

Ivanhoe Mines Stock Performance

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

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.