Canaccord Genuity Group Upgrades Ivanhoe Mines (TSE:IVN) to Buy

Ivanhoe Mines (TSE:IVN) was upgraded by analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Marketbeat.com reports. The firm currently has a C$13.00 price target on the stock, up from their prior price target of C$12.00. Canaccord Genuity Group’s price target points to a potential upside of 22.18% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Morgan Stanley upgraded shares of Ivanhoe Mines from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from C$12.00 to C$13.20 in a research report on Wednesday, July 8th. Royal Bank Of Canada lowered shares of Ivanhoe Mines from a “moderate buy” rating to a “hold” rating in a report on Monday, April 6th. Stifel Nicolaus lowered their target price on shares of Ivanhoe Mines from C$22.00 to C$15.00 in a research note on Wednesday, April 1st. Citigroup cut their price target on shares of Ivanhoe Mines from C$18.00 to C$13.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Finally, Scotiabank boosted their price target on shares of Ivanhoe Mines from C$13.00 to C$13.50 and gave the company a “sector perform” rating in a research report on Monday, June 15th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$14.41.

Ivanhoe Mines Stock Down 1.2%

IVN stock opened at C$10.64 on Tuesday. The company has a quick ratio of 20.86, a current ratio of 2.33 and a debt-to-equity ratio of 21.02. The firm has a market capitalization of C$15.18 billion, a PE ratio of 118.22 and a beta of 1.58. Ivanhoe Mines has a twelve month low of C$9.45 and a twelve month high of C$20.34. The stock has a 50-day simple moving average of C$11.29 and a two-hundred day simple moving average of C$13.08.

Insider Transactions at Ivanhoe Mines

In other Ivanhoe Mines news, Director Setha Patricia Makhesha sold 5,200 shares of Ivanhoe Mines stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of C$11.45, for a total transaction of C$59,540.00. Following the completion of the sale, the director directly owned 77,922 shares in the company, valued at C$892,206.90. The trade was a 6.26% decrease in their ownership of the stock. Insiders have sold 10,000 shares of company stock worth $114,554 in the last three months. Insiders own 44.96% of the company’s stock.

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.