Jefferies raised the firm’s price target on Franco-Nevada (FNV) to $228 from $215 and keeps a Hold rating on the shares as part of a 2026 preview for the metals and mining group. The firm remains bullish on gold equities, citing attractive valuations, but now more cautious on copper stocks given valuations heading into next year. Jefferies expects gold companies to expand margins and produce more free cash flow in 2026 versus 2025. The longer gold prices remain elevated, the more investor attention will turn to growth, the analyst tells investors in a research note. Its top gold picks are Barrick Mining (B), Alamos Gold (AG) and Royal Gold (RGLD). The firm’s top copper picks is Hudbay (HBM).
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