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.
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