Triple Flag price target lowered to C$23.50 from C$24 at National Bank

National Bank analyst Shane Nagle lowered the firm’s price target on Triple Flag to C$23.50 from C$24 and keeps an Outperform rating on the shares. The analyst believes deal flow for the precious metal royalty sector is likely to be centered around smaller deals seeing the majors targeting the same sized acquisitions and sellers putting a premium on cash acquisitions. The firm lowered junior net asset value target multiples to reflect the current industry environment.