Raymond James Financial Downgrades Ivanhoe Mines (TSE:IVN) to Market Perform

Key Points

• Raymond James downgraded Ivanhoe Mines from "outperform" to "market perform" and cut its target price to C$17 from C$23, a target the firm says implies ~60% upside from the stock's prior close.
• Several other brokers have also trimmed ratings and price targets, yet the MarketBeat consensus remains a "Moderate Buy" with a consensus target of C$15.45.
• Shares plunged about 10.8% to C$10.61 on heavy volume (9.4M shares traded versus a ~4.69M average), reflecting sharp near-term market pressure.

Ivanhoe Mines (TSE:IVN - Get Free Report) was downgraded by investment analysts at Raymond James Financial from an "outperform" rating to a "market perform" rating in a report released on Wednesday,BayStreet.CA reports. They currently have a C$17.00 target price on the stock, down from their prior target price of C$23.00. Raymond James Financial's target price suggests a potential upside of 60.23% from the stock's previous close.

Several other equities analysts have also commented on IVN. Jefferies Financial Group lowered shares of Ivanhoe Mines from a "buy" rating to a "hold" rating and decreased their price objective for the company from C$18.00 to C$16.00 in a research report on Monday, December 8th. Scotiabank downgraded shares of Ivanhoe Mines from an "outperform" rating to a "sector perform" rating and lowered their price target for the stock from C$19.00 to C$14.50 in a report on Wednesday. Canaccord Genuity Group lowered shares of Ivanhoe Mines from a "buy" rating to a "hold" rating and dropped their price target for the company from C$18.00 to C$15.00 in a research report on Friday, February 20th. Finally, Stifel Nicolaus dropped their price objective on Ivanhoe Mines from C$22.00 to C$15.00 in a report on Wednesday. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Ivanhoe Mines has a consensus rating of "Moderate Buy" and a consensus price target of C$15.45.

Ivanhoe Mines Trading Down 10.8%

IVN traded down C$1.28 during trading hours on Wednesday, reaching C$10.61. 9,405,891 shares of the company's stock traded hands, compared to its average volume of 4,687,871. The firm has a 50-day moving average price of C$14.91 and a 200 day moving average price of C$14.63. The company has a quick ratio of 20.86, a current ratio of 2.23 and a debt-to-equity ratio of 21.62. The firm has a market capitalization of C$15.13 billion, a PE ratio of 55.84 and a beta of 1.40. Ivanhoe Mines has a 52-week low of C$8.76 and a 52-week high of C$20.34.

Ivanhoe Mines (TSE:IVN - Get Free Report) last released its quarterly earnings data on Wednesday, February 18th. The company reported C$0.06 EPS for the quarter. The company had revenue of C$183.99 million for the quarter. Ivanhoe Mines had a return on equity of 4.76% and a net margin of 59.26%. As a group, sell-side analysts predict that Ivanhoe Mines will post 1.0136483 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ivanhoe Mines news, Director Peter Meredith sold 13,459 shares of the company's stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of C$16.43, for a total transaction of C$221,131.37. Following the sale, the director owned 841,256 shares in the company, valued at C$13,821,836.08. This represents a 1.57% decrease in their position. Over the last quarter, insiders have sold 16,559 shares of company stock worth $272,125. 44.96% of the stock is owned by corporate insiders.

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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