IGO (IPGDF) Gets a Buy Rating from Citigroup

The company’s shares closed last Monday at $8.51.

According to TipRanks.com, McCutcheon is a 1-star analyst with an average return of -4.3% and a 34.5% success rate. McCutcheon covers the Basic Materials sector, focusing on stocks such as Northern Star Resources Ltd, Sandfire Resources Limited, and Pilbara Minerals Limited.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for IGO with a $10.10 average price target, implying a 18.0% upside from current levels. In a report issued on April 26, Shaw and Partners also maintained a Buy rating on the stock with a price target.

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Based on IGO’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $0. In comparison, last year the company had a net profit of $0.

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IGO Ltd. is a development stage company, which engages in the exploration and mining of gold and nickel. It operates through the following business segments: Tropicana Operation; Long Operation; Jaguar Operation; Nova Project; and New Business and Regional Exploration Activities. The Tropicana Operation segment represents the joint venture interest in the Tropicana Gold Mine. The Long Operation segment offers nickel and copper. The Jaguar Operation segment produces copper and zinc concentrates. The Nova Project segment involves the construction and development of the Nova nickel, copper, and cobalt mine located east of Norseman in Western Australia. The New Business and Regional Exploration Activities segment covers the Stockman Project. IGO was founded in May 2000 and is headquartered in South Perth, Australia.

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