TD Newcrest Upgrades Ivanhoe Mines (IVN) to Speculative Buy; Positive Review of Q2

TD Newcrest upgraded Ivanhoe Mines (NYSE: IVN) from Hold to Speculative Buy, price target raised from C$28 to C$30.

TD analyst says, "Construction of the Oyu Tolgoi mine project is mostly on, or
ahead of, schedule and budget. Although the first concentrate from Oyu Tolgoi could be produced before the end of 2012, commercial production is expected in H1/13. We have updated our model to reflect the company’s balance sheet and share structure at the end of June. Our target price has risen to C$30.00, and our rating has increased to SPECULATIVE BUY following recent share price weakness."

For more ratings news on Ivanhoe Mines click here and for the rating history of Ivanhoe Mines click here.

Shares of Ivanhoe Mines closed at $17.31 yesterday.

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