Scotiabank downgraded Ivanhoe Mines (IVPAF) to Sector Perform from Outperform with a price target of C$14.50, down from C$19. The firm views the company’s updated mineral reserves and resources for its flagship Kamoa-Kakula Cu mine as negative. The “sudden change in strategy is a surprising development,” the analyst tells investors in a research note. Scotiabank thinks the shares could drop 10%-20% following the update.
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Read More on IVPAF:
- Ivanhoe Mines downgraded to Sector Perform from Outperform at Scotiabank
- Ivanhoe Mines Cuts Near-Term Output Guidance as Kamoa-Kakula Study Backs Long-Life Copper Growth
- Ivanhoe Mines to Release Updated Kamoa-Kakula Technical Report and Host Investor Call
- Ivanhoe Mines price target lowered to C$19 from C$20 at Scotiabank
- Ivanhoe Mines price target lowered to C$20 from C$21 at Scotiabank