Franco-Nevada downgraded to Hold from Buy at Stifel
The Fly

Franco-Nevada downgraded to Hold from Buy at Stifel

Stifel analyst Ingrid Rico downgraded Franco-Nevada to Hold from Buy with a price target of C$204, down from C$206. Franco-Nevada’s diversified portfolio and royalty/streaming model allow for consistent financial performance and the shares can provide yield "along with more upside potential than a gold ETF" with less risk than an operating company, but Rico believes the shares are fairly valued at current levels. The analyst also cites the ongoing overhang from an unresolved agreement between the Government of Panama and First Quantum, the Cobre Panama operator, whose gold/silver stream represents approximately 19% of 2023 revenue estimates for Franco-Nevada.

Published first on TheFly

See today’s best-performing stocks on TipRanks >>

Read More on FNV:

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App