The Globe and Mail reports in its Tuesday edition that RBC Dominion Securities analyst Sam Crittenden has lowered his recommendation for Ivanhoe Mines to "sector perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Crittenden gave his share target a $4 trim to $15. Analysts on average target the shares at $15.38. In a client report released before the bell on Monday titled World Class in Progress, Mr. Crittenden emphasizes he continues to see long-term value with Kamoa-Kakula copper complex remaining "an outlier mine globally with the combination of scale and high grades." Mr. Crittenden says in a note: "Valuation could improve over time: Ivanhoe shares are down 35 per cent year-to-date. ... Ivanhoe now trades at a 0.71 times our revised NAV estimate which is below large cap copper peers at 0.9 times but in-line with mid-cap copper producers at 0.7 times. We believe the shares could rerate; however, this could take time as the mine returns to full production over the next two years. At spot prices, we see Ivanhoe generating FCF of negative $265-million in 2026 (negative 3-per-cent yield), $196-million in 2027 (2-per-cent yield), and $625-million in 2028 (6-per-cent yield)."