In a report released on June 23, Hayden Bairstow from Macquarie maintained a Buy rating on IGO (IPGDF – Research Report), with a price target of A$19.00. The company’s shares closed last Tuesday at $10.34.
Bairstow covers the Basic Materials sector, focusing on stocks such as Evolution Mining Limited, Sayona Mining, and Newcrest Mining Limited. According to TipRanks, Bairstow has an average return of 11.1% and a 53.07% success rate on recommended stocks.
In addition to Macquarie, IGO also received a Buy from UBS’s Levi Spry in a report issued today. However, on June 22, Morgan Stanley upgraded IGO (Other OTC: IPGDF) to a Hold.
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IPGDF market cap is currently A$11.4B and has a P/E ratio of 13.30.
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IGO Ltd. is a development stage company, which engages in the exploration and mining of gold and nickel. It operates through the following business segments: Tropicana Operation; Long Operation; Jaguar Operation; Nova Project; and New Business and Regional Exploration Activities. The Tropicana Operation segment represents the joint venture interest in the Tropicana Gold Mine. The Long Operation segment offers nickel and copper. The Jaguar Operation segment produces copper and zinc concentrates. The Nova Project segment involves the construction and development of the Nova nickel, copper, and cobalt mine located east of Norseman in Western Australia. The New Business and Regional Exploration Activities segment covers the Stockman Project. IGO was founded in May 2000 and is headquartered in South Perth, Australia.
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