Ivanhoe Electric price target lowered to $12 from $13.50 at Scotiabank

Scotiabank lowered the firm’s price target on Ivanhoe Electric (IE) to $12 from $13.50 and keeps an Outperform rating on the shares. The firm is revisiting its price targets on companies in the Metals & Mining sector during this period of uncertainty, the analyst tells investors. The firm has reduced its near-term commodity price expectations and compressed its equity multiples for most miners. Additionally, while valuations appear attractive, further downside risks are very possible, Scotiabank adds. The firm recommends Ivanhoe Electric among royalties and developers.