Ivanhoe Mines stock: Raymond James cuts target after Q3 reset
Published on 11/13/2026 at 22:54 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSAnalyst Cuts Near-Term Copper Outlook
- Raymond James reduced its 12-month target after Ivanhoe Mines lowered 2027 copper guidance and raised projected cash costs.
- Kamoa-Kakula's first three processing phases are now expected to support 400,000 to 450,000 tonnes of annual copper output.
- An updated Kamoa-Kakula life-of-mine plan is expected by the end of the first quarter of 2027.
Raymond James cut its 12-month price target for Ivanhoe Mines to CAD 12 from CAD 15.50 on November 8, while keeping a Market Perform rating, according to Investing.com. The brokerage cited lower expected copper output, higher operating costs and additional capital requirements.
Lower Copper Output Reshapes Outlook
Ivanhoe Mines lowered Kamoa-Kakula's 2027 copper production guidance to 300,000 to 350,000 tonnes from 380,000 to 420,000 tonnes. Projected cash costs rose to USD 2.50 to USD 3.00 per pound from USD 2.10 to USD 2.50 per pound.
The revised outlook followed delays in accessing higher-grade ore on the eastern side of Kakula. Raymond James said the change reduced the complex's medium-term cash-flow potential. The company plans to prioritize underground development and begin open-pit mining, with first ore targeted for the third quarter of 2027.
Current Trading Snapshot
Ivanhoe Mines stock traded at 4.87 euros on Lang & Schwarz at 22:50 CET on Friday, November 13, 2026.
Ivanhoe Mines company details
- Company: Ivanhoe Mines
- ISIN: CA46579R1047
- Home ticker: IVN
- Home exchange: Toronto Stock Exchange
- Lang & Schwarz quote: 4.87 euros on November 13, 2026, at 22:50 CET
Next Mine Plan Catalyst
The next major operating milestone is an updated Kamoa-Kakula life-of-mine plan expected by the end of the first quarter of 2027. Raymond James expects the plan to clarify production recovery, expansion needs and the path toward the previously targeted 500,000 tonnes of annual copper output.
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