Ivanhoe Mines (TSE:IVN) Shares Down 5.9% Following Analyst Downgrade

Shares of Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report) dropped 5.9% on Thursday after TD Securities lowered their price target on the stock from C$16.00 to C$13.00. TD Securities currently has a buy rating on the stock. Ivanhoe Mines traded as low as C$10.75 and last traded at C$10.77. Approximately 5,313,950 shares were traded during mid-day trading, an increase of 73% from the average daily volume of 3,063,866 shares. The stock had previously closed at C$11.44.

Several other research firms have also weighed in on IVN. BMO Capital Markets dropped their price target on Ivanhoe Mines from C$24.00 to C$21.00 in a research report on Friday. Citigroup lowered their price objective on Ivanhoe Mines from C$24.00 to C$20.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. UBS Group lowered their price objective on Ivanhoe Mines from C$17.00 to C$15.00 in a research note on Thursday. Jefferies Financial Group lowered their price objective on Ivanhoe Mines from C$19.00 to C$17.00 in a research note on Thursday. Finally, Scotiabank cut Ivanhoe Mines from a "strong-buy" rating to a "hold" rating and lowered their price objective for the company from C$16.00 to C$12.00 in a research note on Thursday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of C$18.30.

Ivanhoe Mines Stock Down 1.1%

The company has a 50 day moving average price of C$12.33 and a two-hundred day moving average price of C$14.74. 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 stock has a market cap of C$9.37 billion, a PE ratio of 59.73 and a beta of 1.94.

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.