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IVANHOE PRICE TARGET JUMPS

TORONTO / Macquarie Research raised its price target on shares of Canada's Ivanhoe Energy Inc. by 51 per cent, citing the heavy-oil production company's ability to potentially access new global heavy oil resources.

Analyst Chris Feltin raised his 12-month price target on the stock to $4.15 from$2.75.

"With a new independent resource estimate and three wells to be drilled at Pungarayacu over the next two months, we see the risk profile for this project falling by the end of the year, and we believe a 30-per-cent chance of success is more appropriate," Feltin said