BMO Capital analyst Andrew Mikitchook maintained a Buy rating on Ivanhoe Mines yesterday and set a price target of C$23.00.
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Andrew Mikitchook has given his Buy rating due to a combination of factors that highlight the potential growth and value of Ivanhoe Mines. The recent site visit to Kamoa/Kakula and Platreef revealed significant progress in reestablishing mining operations post-seismic events, which is a positive indicator for future valuation. The company’s ability to maintain the majority of Kakula’s value intact, along with the development of a new mining sequence that promises to recover substantial mineralization over a 40+ year mine life, supports a positive outlook.
Furthermore, the successful completion of Phase 1 at Platreef and the anticipated expansion in Phase 2 by 2027 are expected to enhance production capabilities significantly. Ivanhoe’s portfolio is considered undervalued by the market, and with the aggressive expansion of production at Kamoa-Kakula, there is an expectation of revaluation in the near to medium term. These developments position Ivanhoe Mines as a high-margin, world-class producer, justifying the Buy rating.
Mikitchook covers the Basic Materials sector, focusing on stocks such as Ivanhoe Mines, K92 Mining, and G Mining Ventures. According to TipRanks, Mikitchook has an average return of 23.1% and a 59.19% success rate on recommended stocks.
In another report released on November 10, RBC Capital also maintained a Buy rating on the stock with a C$18.00 price target.