BMO Capital Made the Right Call, Ivanhoe Mines 14.1% Lower (IVN)
Ivanhoe Mines was downgraded from Outperform to Market Perform by BMO Capital one week ago.
Ivanhoe Mines stocks closed at $13.52, a 14.1% loss over the course of one week.
Ivanhoe Mines Ltd. explores for and develops gold, copper, uranium, and coal. The Company operates in Mongolia, China, and Australia.
In the past 52 weeks, Ivanhoe Mines share prices have been bracketed by a low of $12.11 and a high of $28.60 and are now at $13.71, 13% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.9%.
Potential upside of 69.4% exists for Ivanhoe Mines, based on a current level of $13.71 and analysts' average consensus price target of $23.23. Ivanhoe Mines shares should first meet resistance at the 50-day moving average (MA) of $16.81 and find additional resistance at the 200-day MA of $19.46.
By Robert Cotter
rcotter@fnno.com
Ivanhoe Mines stocks closed at $13.52, a 14.1% loss over the course of one week.
Ivanhoe Mines Ltd. explores for and develops gold, copper, uranium, and coal. The Company operates in Mongolia, China, and Australia.
In the past 52 weeks, Ivanhoe Mines share prices have been bracketed by a low of $12.11 and a high of $28.60 and are now at $13.71, 13% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.9%.
Potential upside of 69.4% exists for Ivanhoe Mines, based on a current level of $13.71 and analysts' average consensus price target of $23.23. Ivanhoe Mines shares should first meet resistance at the 50-day moving average (MA) of $16.81 and find additional resistance at the 200-day MA of $19.46.
By Robert Cotter
rcotter@fnno.com
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