Ivanhoe Mines (TSE:IVN) Raised to Buy at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group upgraded Ivanhoe Mines from hold to buy and lifted its price target to C$13.00 from C$12.00, implying about 21% upside from the prior close.
• Recent analyst opinions are mixed: several firms cut targets, while Morgan Stanley upgraded the stock to overweight. Overall, Ivanhoe Mines now has a Moderate Buy consensus with an average target price of C$14.41.
• The stock rose to C$10.71 on Tuesday, but it still trades below its 50-day and 200-day moving averages. Insider activity was also notable, with a director selling shares and insiders having sold 10,000 shares over the past 90 days.

Ivanhoe Mines (TSE:IVN - Get Free Report) was upgraded by equities researchers at Canaccord Genuity Group from a "hold" rating to a "buy" rating in a note issued to investors on Tuesday,BayStreet.CA reports. The firm presently has a C$13.00 target price on the stock, up from their previous target price of C$12.00. Canaccord Genuity Group's target price points to a potential upside of 21.38% from the company's previous close.

Other equities research analysts also recently issued research reports about the stock. TD Securities decreased their price target on shares of Ivanhoe Mines from C$19.00 to C$13.00 and set a "buy" rating on the stock in a research note on Wednesday, April 1st. BMO Capital Markets reduced their price objective on shares of Ivanhoe Mines from C$23.00 to C$16.00 in a report on Wednesday, April 1st. Citigroup decreased their target price on shares of Ivanhoe Mines from C$18.00 to C$13.00 and set a "buy" rating on the stock in a research report on Thursday, April 9th. Royal Bank Of Canada cut shares of Ivanhoe Mines from a "moderate buy" rating to a "hold" rating in a research note on Monday, April 6th. Finally, Morgan Stanley raised shares of Ivanhoe Mines from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from C$12.00 to C$13.20 in a research report on Wednesday, July 8th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Ivanhoe Mines has an average rating of "Moderate Buy" and a consensus target price of C$14.41.

Ivanhoe Mines Stock Performance

Ivanhoe Mines stock traded up C$0.84 during trading hours on Tuesday, hitting C$10.71. The stock had a trading volume of 2,255,476 shares, compared to its average volume of 4,497,590. The company has a 50-day moving average of C$11.37 and a two-hundred day moving average of C$13.15. The company has a quick ratio of 20.86, a current ratio of 2.33 and a debt-to-equity ratio of 21.02. Ivanhoe Mines has a fifty-two week low of C$9.45 and a fifty-two week high of C$20.34. The company has a market cap of C$15.28 billion, a PE ratio of 119.00 and a beta of 1.58.

Insider Transactions at Ivanhoe Mines

In other Ivanhoe Mines news, Director Setha Patricia Makhesha sold 5,200 shares of the business's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of C$11.45, for a total value of C$59,540.00. Following the transaction, the director owned 77,922 shares of the company's stock, valued at approximately C$892,206.90. The trade was a 6.26% decrease in their ownership of the stock. In the last ninety days, insiders sold 10,000 shares of company stock valued at $114,554. Insiders own 44.96% of the company's stock.

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. It operates in four segments: Platreef property, Kamoa Holding joint venture, Kipushi properties, and the Company's treasury offices.

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