Raymond James & Scotia - Target downticks Raymond James lowered the firm’s price target on Ivanhoe Mines (IVPAF) to C$24 from C$25 and keeps an Outperform rating on the shares after the company released Q4 production results and 2025 production guidance. While production results at Kamoa Kakula were better than the firm’s expectations, 2025 copper production guidance included a wide range, with the midpoint lower than the firm’s expectation, says the analyst, who updated the firm’s model to reflect lower copper and zinc production than previously expected for 2025.
Scotiabank analyst Orest Wowkodaw lowered the firm’s price target on Ivanhoe Mines (IVPAF) to C$20 from C$21 and keeps an Outperform rating on the shares. Ivanhoe released “markedly improved but largely in-line” Q4 operating results at its flagship Kamoa-Kakula Cu mine, but maiden 2025 Cu production guidance was about 5% below the firm’s expectations, planned capex was about 35% higher and the company warned that the near-term start-up of the new DRC smelter could be delayed by up to three months due to a recent fire, notes the analyst, who views the update as negative for the shares.