Citigroup Issues Positive Forecast for Ivanhoe Mines (TSE:IVN) Stock Price

Key Points

• Citigroup raised its price target for Ivanhoe Mines from C$14.00 to C$18.00, indicating a potential upside of 13.14% from the current stock price, while maintaining a "buy" rating.
• Despite Citigroup's optimistic outlook, other brokerages have recently lowered their target prices for Ivanhoe Mines, with Raymond James cutting its target from C$21.00 to C$20.00.
• The stock trades at C$15.91, with a market cap of C$22.58 billion and a consensus rating of "Buy" among analysts.

Ivanhoe Mines (TSE:IVN - Get Free Report) had its target price lifted by investment analysts at Citigroup from C$14.00 to C$18.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. The firm presently has a "buy" rating on the stock. Citigroup's price target points to a potential upside of 13.14% from the company's current price.

Several other brokerages also recently weighed in on IVN. Raymond James Financial cut their target price on shares of Ivanhoe Mines from C$21.00 to C$20.00 in a research note on Thursday, August 21st. Royal Bank Of Canada dropped their price objective on shares of Ivanhoe Mines from C$24.00 to C$15.00 and set an "outperform" rating for the company in a research note on Tuesday, June 17th. TD Securities upped their price objective on shares of Ivanhoe Mines from C$13.00 to C$16.00 and gave the company a "buy" rating in a research note on Monday, September 29th. Canaccord Genuity Group upped their price objective on shares of Ivanhoe Mines from C$14.00 to C$16.50 and gave the company a "buy" rating in a research note on Wednesday, October 1st. Finally, Scotiabank raised shares of Ivanhoe Mines from a "hold" rating to an "outperform" rating and upped their price objective for the company from C$12.50 to C$17.00 in a research note on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. According to data from MarketBeat.com, Ivanhoe Mines currently has a consensus rating of "Buy" and a consensus target price of C$17.25.

Ivanhoe Mines Price Performance

IVN stock traded up C$0.78 during trading on Wednesday, hitting C$15.91. The stock had a trading volume of 3,108,716 shares, compared to its average volume of 3,359,579. The company's 50 day moving average price is C$12.45 and its two-hundred day moving average price is C$12.06. Ivanhoe Mines has a 1-year low of C$8.76 and a 1-year high of C$20.77. The stock has a market cap of C$22.58 billion, a price-to-earnings ratio of 54.86 and a beta of 2.09. The company has a debt-to-equity ratio of 2.48, a quick ratio of 20.86 and a current ratio of 1.36.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.