Raymond James analyst Farooq Hamed lowered the firm’s price target on Ivanhoe Electric (IE) to $15 from $18 and keeps an Outperform rating on the shares. The firm updated its commodity price forecasts for the precious and base metals complex. It increased gold and silver price estimates in the near and long term to reflect the strong year-to-date performance, sector demand at higher than historical levels, and continued political uncertainty. Long-term price forecasts were increased on higher reserve and resource pricing driving higher operating costs and incentive pricing, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on IE:
- Ivanhoe Electric’s Strategic Focus on Copper Exploration
- Ivanhoe Electric Supports Executive Order to Boost U.S. Mineral Production
- Ivanhoe Electric Raises $69 Million in Successful Public Offering
- Ivanhoe Electric 10.26M share Spot Secondary priced at $5.85
- Ivanhoe Electric Boosts Public Offering to Fuel Expansion