TD Securities analyst Greg Barnes downgraded Franco-Nevada to Hold from Buy with a price target of $145, down from $180. Panama’s President, Lorentino Cortizo, announced in a very brief statement that he is calling a Popular Consultation, or referendum, on the recently passed Law 406, the stability agreement for the Cobre Panama mine, the analyst tells investors in a research note. The downgrade Franco-Nevada reflects the uncertainty surrounding the future outcomes for Cobre Panama pending the upcoming Popular Consultation, says the firm.
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