Franco-Nevada price target raised to $141 from $138 at Raymond James

Raymond James raised the firm’s price target on Franco-Nevada to $141 from $138 and keeps an Outperform rating on the shares. At its Investor Day, Franco-Nevada highlighted the advantages of the royalty and streaming model, a diversified high margin business with low overhead and limited exposure to cost inflation that leads to strong free cash flow, while at the same time providing expansion and exploration optionality, the analyst tells investors in a research note. Franco-Nevada has longer term optionality from its portfolio of 430 assets covering over 65,000 square km on some of the best mineral trends in the world, the firm adds.