BMO Capital Sticks to Its Buy Rating for Ivanhoe Mines Cl A

By Austin Angelo

Ivanhoe Mines Cl A (TSX: IVN), the Materials sector company, was revisited by a Wall Street analyst yesterday. Analyst David Gagliano from BMO Capital remains bullish on the stock and has a C$7 price target.

According to TipRanks.com, Gagliano is a 4-star analyst with an average return of 4.2% and a 51.5% success rate. Gagliano covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals Corp, Newmont Mining Corporation, and Stillwater Mining Company.

Ivanhoe Mines Cl A has an analyst consensus of Strong Buy, with a price target consensus of C$6.50.

Based on Ivanhoe Mines Cl A’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$0 and GAAP net loss of C$9.03 million. In comparison, last year the company earned revenue of C$0 and had a GAAP net loss of C$6.05 million.

Ivanhoe Mines Ltd. engages in the exploration and development of mineral properties. It explores for copper, nickel, gold, zinc, and platinum-group elements. The company was founded by Robert Martin Friedland on April 29, 1993 and is headquartered in Vancouver, Canada.

The company’s shares closed on Wednesday at $3.95.