Ivanhoe Mines (TSE:IVN) Cut to Hold at Scotiabank

Ivanhoe Mines (TSE:IVN - Get Free Report) was downgraded by investment analysts at Scotiabank from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday, MarketBeat reports. They currently have a C$12.00 price target on the stock, down from their previous price target of C$16.00. Scotiabank's target price would suggest a potential upside of 21.46% from the company's previous close.

Several other equities research analysts also recently weighed in on IVN. TD Securities lowered their price target on Ivanhoe Mines from C$22.00 to C$17.00 in a report on Tuesday, April 15th. UBS Group cut their price objective on Ivanhoe Mines from C$19.00 to C$17.00 in a research report on Wednesday, April 23rd. Citigroup cut 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 report on Tuesday, February 25th. Finally, Jefferies Financial Group increased their price objective on Ivanhoe Mines from C$23.00 to C$24.00 in a research note on Friday, April 4th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Ivanhoe Mines presently has an average rating of "Moderate Buy" and an average target price of C$18.30.

Ivanhoe Mines Price Performance

Shares of IVN traded down C$0.11 during mid-day trading on Thursday, hitting C$9.88. 6,257,979 shares of the stock were exchanged, compared to its average volume of 3,193,379. The company has a market cap of C$9.37 billion, a PE ratio of 59.73 and a beta of 1.94. Ivanhoe Mines has a 52-week low of C$8.76 and a 52-week high of C$20.95. The firm has a 50-day moving average of C$12.33 and a two-hundred day moving average of C$14.74. The company has a debt-to-equity ratio of 2.48, a quick ratio of 20.86 and a current ratio of 1.36.

Ivanhoe Mines Company Profile

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.