Canaccord Genuity Group Issues Pessimistic Forecast for Ivanhoe Mines (TSE:IVN) Stock Price

Ivanhoe Mines (TSE:IVNFree Report) had its price target reduced by Canaccord Genuity Group from C$24.00 to C$12.00 in a research report released on Friday morning,BayStreet.CA reports.

Several other research analysts also recently commented on IVN. UBS Group reduced their target price on Ivanhoe Mines from C$17.00 to C$15.00 in a report on Thursday. Jefferies Financial Group reduced their target price on Ivanhoe Mines from C$19.00 to C$17.00 in a report on Thursday. Scotiabank downgraded Ivanhoe Mines from a “strong-buy” rating to a “hold” rating and reduced their target price for the stock from C$16.00 to C$12.00 in a report on Thursday. Citigroup reduced their target price on Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Finally, TD Securities reduced their target price on Ivanhoe Mines from C$22.00 to C$17.00 in a report on Tuesday, April 15th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$18.30.

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Ivanhoe Mines Stock Down 1.1%

Shares of IVN opened at C$9.88 on Friday. The company has a market capitalization of C$9.37 billion, a P/E ratio of 59.73 and a beta of 1.94. 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 one year low of C$8.76 and a one year high of C$20.95. The business’s 50 day simple moving average is C$12.33 and its 200-day simple moving average is C$14.74.

About Ivanhoe Mines

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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.

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