On October 10, an analyst has provided a rating update for the Materials sector company, Ivanhoe Mines Cl A (TSX: IVN). On October 10, analyst Dalton Baretto gave a Buy rating to IVN and set a C$8.50 price target.
According to TipRanks.com, Baretto is a 4-star analyst with an average return of 5.3% and a 43.9% success rate. Baretto covers the Basic Materials sector, focusing on stocks such as Teck Resources Limited, Fortuna Silver Mines, and Hecla Mining Company.
Ivanhoe Mines Cl A has an analyst consensus of Strong Buy, with a price target consensus of C$6.80, implying a 146.4% upside from current levels. In a report issued on October 2, BMO Capital also maintained a Buy rating on the stock with a C$9 price target.
Ivanhoe Mines Cl A’s market cap is currently C$2.06B and has a P/E ratio of 9.4. The company has a Price to Book ratio of 1.25.
Ivanhoe Mines Ltd. engages in the exploration and development of mineral properties. It explores for copper, nickel, gold, zinc, and platinum-group elements. The company was founded by Robert Martin Friedland on April 29, 1993 and is headquartered in Vancouver, Canada.
The company’s shares closed on Friday at C$2.76.