Ivanhoe Mines upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Ivanhoe Mines to Overweight from Equal Weight with a price target of C$13.50, up from C$13.00. Ivanhoe’s copper volumes should increase at an industry-leading 17% CAGR, rising from 402kt in 2023 to 640kt in 2026, well above the peer average of 5% over the same period, the analyst tells investors in a research note. The company also published a preliminary economic analysis to potentially extend the life-of-mine at the Kamoa-Kakula complex by nine years, which suggests further growth beyond Morgan Stanley’s current base case forecasts, the firm added.