Scotiabank Upgrades Ivanhoe Mines (TSE:IVN) to Outperform

Ivanhoe Mines (TSE:IVN) was upgraded by investment analysts at Scotiabank from a “sector perform” rating to an “outperform” rating in a research report issued on Monday,BayStreet.CA reports. The brokerage presently has a C$17.00 price target on the stock, up from their prior price target of C$12.50. Scotiabank’s price target points to a potential upside of 15.96% from the company’s previous close.

IVN has been the subject of a number of other reports. Raymond James Financial decreased their price objective on Ivanhoe Mines from C$21.00 to C$20.00 in a report on Thursday, August 21st. UBS Group decreased their price target on shares of Ivanhoe Mines from C$17.00 to C$15.00 in a research note on Thursday, June 12th. Citigroup dropped their price target on shares of Ivanhoe Mines from C$20.00 to C$14.00 in a research report on Monday, June 16th. Jefferies Financial Group cut their price target on Ivanhoe Mines from C$19.00 to C$17.00 in a research note on Thursday, June 12th. Finally, Canaccord Genuity Group lowered their price objective on shares of Ivanhoe Mines from C$24.00 to C$12.00 in a research report on Friday, June 13th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of C$16.30.

Ivanhoe Mines Stock Performance

Shares of IVN stock traded up C$0.54 during trading on Monday, reaching C$14.66. The company had a trading volume of 3,315,790 shares, compared to its average volume of 3,336,671. Ivanhoe Mines has a one year low of C$8.76 and a one year high of C$20.91. The firm’s 50 day simple moving average is C$11.99 and its two-hundred day simple moving average is C$12.03. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.36 and a quick ratio of 20.86. The company has a market capitalization of C$19.85 billion, a PE ratio of 50.55 and a beta of 1.79.

About Ivanhoe Mines

Ivanhoe Mines Ltd is a mineral exploration and development company. The company, together with its subsidiaries, explores, develops, and recovers minerals and precious gems from its property interests located in Africa. The group explores platinum, nickel, copper, gold, silver, cobalt, iron, vanadium, and chrome.