Ivanhoe Mines price target lowered to C$20 from C$21 at Scotiabank

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.