Credit Suisse Upgrading Ivanhoe Mines

Credit Suisse is upgrading shares of Ivanhoe Mines Ltd.

to Outperform and it has a $27 price target on shares. In a note to clients, Credit Suisse writes, "Increasing our rating to Outperform (from Neutral), but lowering our target price to $27 (from $31). Our higher rating is based on what is in our view an over done slide in IVN's share price. We believe that IVN continues to present upside potential as OT, in our view, is a high quality asset with strategic value, and is on track for commissioning in 1H/2013. After adjusting assumed future OT ownership levels and reducing our estimates for Ivanhoe Australia, our NAVPS has declined by 11% to $23.91. We see 11% potential additional downside to our NAVPS if the GOM increased its stake to 50% immediately without compensation, although we view such an event as highly unlikely." Shares of IVN lost $1.45 yesterday to close at $14.55, a loss of 9.12%.