TD Securities lowered the firm’s price target on Franco-Nevada to $135 from $145 and keeps a Hold rating on the shares. Panamanian President, Laurentino Cortizo, announced on November 28 that his government will begin the “transition process for the orderly and safe closure” of the Cobre Panama mine once the Supreme Court’s unconstitutionality ruling for Law 406 is published in the official gazette,” the analyst tells investors in a research note. As such, the firm has increased its discount rate for the Cobre Panama stream to 25%.
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