JPMorgan lowered the firm’s price target on Ivanhoe Electric (IE) to $21 from $22 and keeps an Overweight rating on the shares. The firm adjusted targets in the base metals group as part of a Q1 preview. Since the start of the Middle East conflict, aluminum stocks have materially outperformed while inflation concerns have weighed on copper stocks, the analyst tells investors in a research note. JPMorgan says the near-term direction of the group will hinge on Middle East developments.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on IE:
- Ivanhoe Electric to Receive $58.4 Million Windfall from Cordoba Minerals Distribution
- Ivanhoe Electric Advances Divestment of Colombian Mining Assets
- Ivanhoe Electric Faces Funding Uncertainty as Cordoba’s $128 Million Alacran Sale Remains at Risk
- Ivanhoe Electric Updates Cordoba Minerals’ Alacrán Sale Terms