Cantor Fitzgerald initiates coverage on Ivanhoe Electric stock with Buy rating

Investing.com - Cantor Fitzgerald initiated coverage on Ivanhoe Electric Inc . (NYSE:IE) with a Buy rating and a $17.00 price target on Thursday. The target represents an 89% upside from the current price of $9.00, while analyst targets range from $13.00 to $20.00.

The research firm highlighted Ivanhoe Electric’s flagship Santa Cruz project in Arizona, noting it is positioned to benefit from domestic industrialization initiatives in the United States.

Cantor Fitzgerald expects a full project financing, backed largely by U.S. government-sourced capital, to be a key catalyst in the next twelve months for the copper developer.

The firm views Ivanhoe Electric as one of few copper developers that is well-capitalized enough to attract larger institutional interest, noting it is among the most advanced copper projects in the United States.

The $17.00 price target is based on 1.1x NAV (Net Asset Value), compared to the company’s current trading multiple of approximately 0.6x P/NAV, according to the research note.

In other recent news, Ivanhoe Electric Inc. has announced significant changes to its corporate governance structure. The company filed an updated 8-K form with the Securities and Exchange Commission to disclose these developments. Ivanhoe Electric has amended its Amended and Restated Certificate of Incorporation following approval from its stockholders. The key change involves the removal of the supermajority voting requirement that previously necessitated a two-thirds majority for certain decisions. This amendment aims to simplify decision-making processes and may enable the company to respond more swiftly to market and operational challenges. These changes were approved at the company’s Annual Meeting. The updated governance structure is now in effect, reflecting a shift toward more flexible corporate operations.

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