7 Best Copper Stocks to Buy According to Analysts

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1. Ivanhoe Electric Inc. (NYSE:IE)

Number of Hedge Fund Investors  in Q1 2024: 13

Analyst Average Share Price Target: $16.88

Upside: 67.13%

Ivanhoe Electric Inc. (NYSE:IE) is an American gold and copper company headquartered in Tempe, Arizona. Its flagship copper project is the Santa Cruz mining project in Arizona. Through this site, the firm aims to produce 1.6 million tonnes of copper over 20 years. However, since Ivanhoe Electric Inc. (NYSE:IE) is a small company that made just $260,000 in revenue during its March quarter, the firm has a long way to go before it can start to generate cash from its copper mines. Additionally, it has $111 million in total liabilities, and its overall profile makes Ivanhoe Electric Inc. (NYSE:IE) a risky play. However, this hasn’t stopped the firm from expanding its copper footprint, and in March 2024 it announced that it had completed an earn in agreement to acquire a 60% stake in a copper site in the Ivory Coast. Earn in agreements involve buyers setting the terms of their payments based on the seller’s performance. This site aims to produce 38,627 tons of 28% copper concentrate annually, according to the preliminary evaluation.

IE is a copper stock with a high upside according to analysts.  However, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than Ivanhoe Electric but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None.

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