In a report released yesterday, Matt Murphy from BMO Capital maintained a Buy rating on Franco-Nevada, with a price target of C$332.00.
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Matt Murphy’s rating is based on Franco-Nevada’s strong financial performance and strategic positioning. The company reported an earnings beat with adjusted EPS, revenue, and adjusted EBITDA all surpassing expectations, setting quarterly records. Additionally, Franco-Nevada’s operating cash flow was in line with estimates, and the company ended the quarter with a robust cash position and no debt, highlighting its financial health.
Furthermore, Franco-Nevada’s sales guidance has been revised upwards, driven by contributions from Cobre Panama and new royalty acquisitions. The company is well-positioned in the current gold bull market, with expectations for further value realization from its diverse asset portfolio. The potential restart of the Cobre Panama asset is anticipated to significantly enhance gold growth, supporting the Buy rating with a target price of C$332.
Murphy covers the Basic Materials sector, focusing on stocks such as Barrick Mining, Franco-Nevada, and First Quantum Minerals. According to TipRanks, Murphy has an average return of 30.6% and a 73.49% success rate on recommended stocks.
In another report released on October 22, Canaccord Genuity also upgraded the stock to a Buy with a C$350.00 price target.