Ivanhoe Mines price target lowered to C$12 from C$14.50 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Ivanhoe Mines (IVPAF) to C$12 from C$14.50 and keeps an Equal Weight rating on the shares as part of a broader research note on Americas Metals & Mining. The firm expects Middle East conflict and geopolitical tensions to keep volatility in the mining space elevated, adding that it favors precious metal-exposed names as it expects gold/silver prices to strengthen. Morgan Stanley adds that while Ivanhoe has large EBITDA expansion potential in the coming years, mainly driven by higher copper volumes and lower cash costs, the company will first need to properly execute its planned mine restart following a seismic event and unveil a mining plan update considering new operating approach, which is not expected until Q1 of FY27.