Ivanhoe Mines (TSE:IVN) Rating Lowered to Hold at Scotiabank

Ivanhoe Mines (TSE:IVN - Get Free Report) was downgraded by analysts at Scotiabank from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Thursday, MarketBeat.com reports. They presently have a C$12.00 price target on the stock, down from their prior price target of C$16.00. Scotiabank's target price suggests a potential upside of 22.32% from the stock's previous close.

Several other equities analysts have also recently commented on the stock. Jefferies Financial Group upped their target price on shares of Ivanhoe Mines from C$23.00 to C$24.00 in a research note on Friday, April 4th. Citigroup reduced 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. UBS Group decreased their price objective on Ivanhoe Mines from C$19.00 to C$17.00 in a report on Wednesday, April 23rd. Finally, TD Securities cut their target price on Ivanhoe Mines from C$22.00 to C$17.00 in a research note on Tuesday, April 15th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Ivanhoe Mines has an average rating of "Moderate Buy" and an average target price of C$19.25.

Ivanhoe Mines Stock Performance

Shares of TSE IVN traded down C$0.18 during trading hours on Thursday, hitting C$9.81. 935,267 shares of the company's stock were exchanged, compared to its average volume of 3,140,332. The stock has a market capitalization of C$9.30 billion, a price-to-earnings ratio of 59.31 and a beta of 1.94. The company's 50-day moving average price is C$12.35 and its 200-day moving average price is C$14.83. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.36 and a quick ratio of 20.86. Ivanhoe Mines has a 1-year low of C$8.76 and a 1-year high of C$20.95.

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.