The Globe and Mail reports in its Thursday, May 2, edition that Scotia Capital analyst Orest Wowkodaw has reaffirmed his "sector outperform" recommendation for Ivanhoe Mines. The Globe's David Leeder writes in the Eye On Equities column that Mr. Wowkodaw boosted his share target by a loonie to $19. Analysts on average target the shares at $19.79.
Mr. Wowkodaw says in a note: "Ivanhoe reported largely in-line Q1/24 financial results. Previously released 2024 operating guidance was reaffirmed. All the company's major growth projects remain on track. Overall, we view the update as largely neutral for the shares.
Although geopolitical risk is elevated, we rate Ivanhoe shares 'sector outperform' based on the company's world-class asset base, strong growth profile and impressive management track record." The Globe reported on Nov. 17 that Morgan Stanley analyst Carlos De Alba had boosted Ivanhoe Mines to "overweight" from "equal-weight." The shares could then be had for $11.01. The Globe reported on April 10 that Mr. Wowkodaw had reiterated his "sector outperform" recommendation for Ivanhoe Mines when it could be had for $18.20.
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