Ivanhoe Mines initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Ivanhoe Mines with an Equal Weight rating and C$13 price target. The company is a copper growth story, but a large growth trajectory and EBITDA expansion is mostly priced into the stock, the analyst tells investors in a research note. The firm expects Ivanhoe’s copper volumes to increase but with declining cash costs and EBITDA expansion.