Scotiabank Upgrades Ivanhoe Mines (TSE:IVN) to "Outperform"

Key Points

• Scotiabank upgraded Ivanhoe Mines from a "sector perform" rating to an "outperform" rating, with a new target price of C$17.00, suggesting a potential upside of 15.96%.
• The stock has experienced a price increase, trading up C$0.54 to C$14.66, with a market capitalization of C$19.85 billion.
• Several analysts have offered varying ratings on Ivanhoe Mines, with a consensus average rating of "Buy" and a price target of C$16.30 from MarketBeat.com.

Ivanhoe Mines (TSE:IVN - Get Free Report) was upgraded by stock analysts at Scotiabank from a "sector perform" rating to an "outperform" rating in a research note issued to investors on Monday,BayStreet.CA reports. The firm presently has a C$17.00 target price on the stock, up from their previous target price of C$12.50. Scotiabank's price target indicates a potential upside of 15.96% from the company's current price.

A number of other analysts have also issued reports on IVN. Stifel Canada raised Ivanhoe Mines to a "strong-buy" rating in a research note on Tuesday, July 8th. Raymond James Financial decreased their price objective on Ivanhoe Mines from C$21.00 to C$20.00 in a report on Thursday, August 21st. Jefferies Financial Group lowered their target price on shares of Ivanhoe Mines from C$19.00 to C$17.00 in a research note on Thursday, June 12th. Stifel Nicolaus upped their target price on shares of Ivanhoe Mines from C$13.50 to C$16.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Finally, Citigroup lowered their price objective on shares of Ivanhoe Mines from C$20.00 to C$14.00 in a research report on Monday, June 16th. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. According to data from MarketBeat.com, Ivanhoe Mines presently has an average rating of "Buy" and a consensus price target of C$16.30.

Ivanhoe Mines Price Performance

IVN stock traded up C$0.54 during trading on Monday, hitting C$14.66. The stock had a trading volume of 3,315,790 shares, compared to its average volume of 3,336,671. Ivanhoe Mines has a twelve month low of C$8.76 and a twelve month high of C$20.91. The stock has a market capitalization of C$19.85 billion, a P/E ratio of 50.55 and a beta of 1.79. The company's 50-day moving average price is C$11.99 and its two-hundred day moving average price is C$12.03. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.36 and a quick ratio of 20.86.

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.

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