Analysts Adjust Ratings for Ivanhoe Mines, Wajax, and Other Companies Amid Production and Market Outlooks
TD Cowen and Stifel downgraded Ivanhoe Mines after it cut 2027 copper guidance, while the firm upgraded Wajax on expectations of a Canadian capital-investment upcycle. Several other analysts revised targets for firms ranging from cannabis to industrial equipment.
TD Cowen analyst Craig Hutchison lowered his rating on Ivanhoe Mines Ltd. (IVN) to "hold" from "buy" after the miner reduced its 2027 copper production guidance to 300,000-350,000 tonnes, down from 380,000-420,000 tonnes, and raised cost estimates. > "The latest guidance cut calls into question the path forward to return to a productive capacity of 500ktpa, which now requires a Phase 4 expansion," Hutchison said. He noted that the revised outlook makes the target price fall to $9 from $14.
Stifel’s Ralph Profiti also moved Ivanhoe to "hold" from "buy" with a $12.50 target, citing a 20% cut to copper production guidance, higher capital spending, and delayed ramp-up at the Kamoa-Kakula complex.
Conversely, TD Cowen upgraded Wajax Corp. (WJX) to "buy" from "hold," highlighting a strong backlog, solid balance sheet and the prospect of a Canadian capital-investment upcycle beginning in 2027. > "A healthy backlog, solid balance sheet, and improved cost structure support operating leverage ahead of a demand upcycle in 2027+ and a higher valuation multiple," analyst Patrick Sullivan said. The target price was raised to $41 from $36.
Other notable actions included: - Raymond James analyst Judith Elliott shifting Ivanhoe to "market perform" with a $12 target, citing execution risk at Kamoa-Kakula. - TD Cowen’s Derek Lessard recommending a "sell" rating on Aurora Cannabis after Organigram’s $7.80-per-share offer, describing the deal as "compelling." - TD Cowen’s Graham Ryding downgrading Element Fleet Management to "hold" from "buy" and cutting the target to $22, reflecting a softened 2027 revenue outlook. - Ventum Capital’s Daniel Lavoie reaffirming a "buy" rating on 5N Plus, raising the target to $45 after strong Q3 results. - Several analysts adjusted targets for firms such as Toromont Industries, Telesat, International Petroleum, and Fortis, reflecting varied expectations for earnings growth, project pipelines, and market conditions.
Overall, the analyst round-up reflects a mix of caution on mining output and cost pressures, alongside optimism for sectors poised to benefit from upcoming investment cycles.