TD Securities Downgrades Ivanhoe Mines (IVN) to Reduce on Asset Sale and New Technical Report
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Price: $9.04 --0%
Rating Summary:
6 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
6 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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TD Securities downgraded Ivanhoe Mines (NYSE: IVN) from Hold to Reduce with a price target of C$12.50, down from C$19.00, after the company quietly filed a technical report entitled Oyu Tolgoi Project – IDOP Technical Report on SEDAR during the evening of Friday, March 30. On April 1, the company announced that SouthGobi Resources (57.6%) had received notice that the Aluminum Corporation of China (CHALCO) intends to make a proportional tender offer for up to 60% of that company.
"We view the potential offer for SouthGobi as positive, but the revised estimates for the Oyu Tolgoi project were overwhelmingly negative," the analyst comments. "After making the adjustments discussed below for higher opex and capex estimates, and a delay in production from the higher-grade underground mine, our 10%NAVPS estimate declined to $11.69 from $14.31."
For an analyst ratings summary and ratings history on Ivanhoe Mines click here. For more ratings news on Ivanhoe Mines click here.
Shares of Ivanhoe Mines closed at $15.76 yesterday.
"We view the potential offer for SouthGobi as positive, but the revised estimates for the Oyu Tolgoi project were overwhelmingly negative," the analyst comments. "After making the adjustments discussed below for higher opex and capex estimates, and a delay in production from the higher-grade underground mine, our 10%NAVPS estimate declined to $11.69 from $14.31."
For an analyst ratings summary and ratings history on Ivanhoe Mines click here. For more ratings news on Ivanhoe Mines click here.
Shares of Ivanhoe Mines closed at $15.76 yesterday.
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