H.C. Wainwright raised the firm’s price target on Franco-Nevada (FNV) to $210 from $200 and keeps a Buy rating on the shares. The firm is now applying a higher multiple to its net asset value estimate for Franco-Nevada’s cash-flowing royalties and other assets to more accurately reflect persistently strong commodity prices, but adds this “may ultimately even prove to be conservative when accounting for extensive upside from Cobre Panama.”
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