Citigroup Lowers Price Target for Ivanhoe Mines Stock

Citigroup has revised its price target for Ivanhoe Mines (TSE:IVN), bringing it down from C$24.00 to C$20.00 in a report released on Tuesday. Despite the adjustment, the investment firm has maintained a "buy" rating for the stock. Citigroup's new target implies a potential upside of 35.14% from the current stock price.

The recent changes in price targets do not stop with Citigroup. Scotiabank also made adjustments, lowering its price target for Ivanhoe Mines from C$21.00 to C$20.00 while retaining an "outperform" rating. On the same day, TD Securities adjusted their price target from C$25.00 to C$24.00, maintaining a "buy" rating. Additionally, Raymond James followed suit by lowering its price target from C$25.00 to C$24.00, and UBS Group dropped their target price from C$21.00 to C$19.00.

Currently, eight analysts have rated Ivanhoe Mines with a buy recommendation. As reported by MarketBeat.com, the consensus rating for the company is "Buy" with an average target price of C$23.18.

Ivanhoe Mines Stock Performance

On Tuesday, shares of Ivanhoe Mines traded up by C$0.13, reaching a price of C$14.80. The trading volume included 1,263,769 shares, falling short of the average volume of 1,751,748 shares. The stock’s 50-day simple moving average stands at C$16.67, while the 200-day simple moving average is C$17.74. Ivanhoe Mines boasts a market capitalization of C$14.03 billion, with a PE ratio of 89.48 and a beta of 1.94. Over the past year, the stock has hit a low of C$13.84 and a high of C$21.32. Its financial ratios include a current ratio of 1.36, a quick ratio of 20.86, and a debt-to-equity ratio of 2.48.

About Ivanhoe Mines

Ivanhoe Mines Ltd. is engaged in the mining, development, and exploration of minerals and precious metals, predominantly in Africa. The company focuses on discovering deposits of platinum, palladium, nickel, copper, gold, rhodium, zinc, silver, germanium, and lead. Among its notable projects are the Platreef project, located in the Northern Limb of South Africa's Bushveld Complex; the Kipushi project, situated in the Haut-Katanga Province of the Democratic Republic of Congo; and the Kamoa-Kakula project, located within the Central African Copperbelt.

Citigroup, Ivanhoe, Stocks