By Sam Boughedda
Ivanhoe Electric Inc (NASDAQ:IE) was initiated with Buy/Outperform ratings by analysts at BMO Capital Markets and Jefferies on Monday.
A BMO Capital Markets analyst initiated shares of Ivanhoe at Outperform with a $15 price target. The analyst explained that their valuation is underpinned by the extensive copper resource at the company's Santa Cruz project and proprietary geophysics and grid storage technologies.
"The company has assembled a notable portfolio of copper exploration assets with the aim to deliver multiple new sizable sources of domestic copper production to support the global shift to green energy and electrification," said the analyst.
Meanwhile, a Jefferies analyst initiated a Buy rating and $13.50 price target on the minerals exploration and development company. The analyst, who added that it is a high risk/high reward play, said Ivanhoe has the potential to become a large, low-cost, US-based, ESG-friendly copper producer.
"The company has assembled a portfolio of projects in highly prospective districts, including Santa Cruz in Arizona and Tintic in Utah. These projects are in the early stages but have significant and unique advantages," wrote the Jefferies analyst.