In a report released today, Rene Cartier from BMO Capital downgraded Triple Flag Precious Metals (TFPM – Research Report) to a Hold, with a price target of C$35.00.
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Rene Cartier has given his Hold rating due to a combination of factors influencing Triple Flag Precious Metals. Despite the company’s strong price performance in 2025, with shares gaining approximately 60%, Cartier notes that the near-term production estimates show a decline. This is primarily due to the anticipated reduction in streaming rates at Cerro Lindo, which will cause production to fall below the 100koz GEO threshold in 2026.
Additionally, while Triple Flag’s shares are trading at a premium compared to other mid-cap royalty peers, they are approaching the valuation multiples of larger companies like Royal Gold. This premium valuation, coupled with limited near-term production growth, suggests a more cautious outlook. Furthermore, while the company has the capacity for acquisitions due to its strong cash flow and credit facility, Cartier emphasizes the need for Triple Flag to focus on cash-flowing opportunities to address the production gap. Overall, the Hold rating reflects a balance between the company’s long-term growth potential and the challenges it faces in the near term.
Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TFPM in relation to earlier this year.