Stifel Downgrades Ivanhoe Mines to Hold Following Reduced Copper Guidance and Increased Capex
Ivanhoe Mines (IVPAF) shares fell 7.4% following a downgrade by Stifel, which moved the stock from 'Buy' to 'Hold.' The downgrade comes after the company reported third-quarter earnings of $0.04 per share and adjusted EBITDA of $241 million, both figures falling below market consensus. The revision was driven by Ivanhoe Mines cutting its copper production guidance for fiscal year 2027 and projecting higher capital expenditures (capex) than previously anticipated. Consequently, Stifel lowered its price target for the company from C$17 to C$12.50.