Ivanhoe Electric up as IPO banks start coverage with bullish ratings

Ivanhoe Electric

25/07/2022 16:35

** Ivanhoe Electric Inc  IE.N  shares up 2.4% at $8.70 on
Mon as analysts at banks that worked on copper miner's IPO
initiate coverage after quiet period ends
    ** IE closed at $10.80 on debut on Jun 28 after 14.4 mln
share IPO priced at $11.75, bottom of marketed range
 urn:newsml:reuters.com:*:nL1N2YF1FZ
    ** BMO, one of lead bookrunners for the IPO, starts at
"outperform" with $15 PT
    ** Co's lead asset, Santa Cruz Copper Project in Arizona,
contains the second-largest undeveloped copper resource in lower
48 U.S. states at 10.6 bln pounds, BMO says, and holds
"significant" potential for expansion and discovery of new zones
of copper mineralization
    ** BMO says IE's proprietary exploration technology -
Typhoon - allows co to explore more efficiently than competitors
    ** Jefferies initiates with "buy" and $13.50 PT
    ** Track record of veteran miner Robert Friedland and his
team in much more difficult jurisdictions than the U.S. is a
"clear positive", Jefferies says
    ** Copper prices rose on Mon, but have fallen >30% from
their Mar record high as slowing economic growth clouds demand
outlook  MET/L 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))