Gold Royalty price target lowered to $2.75 from $3 at Scotiabank

Scotiabank lowered the firm’s price target on Gold Royalty to $2.75 from $3 and keeps an Outperform rating on the shares. The analyst updated estimates for actual Q3 metal prices and currency rates. Metal prices have remained range-bound while energy prices have broken out to the upside, which will put some pressure on margins, but unit cost pressures will likely be outweighed by production growth in aggregate, the analyst tells investors in a research note.