UBS raised the firm’s price target on Franco-Nevada (FNV) to $270 from $260 and keeps a Buy rating on the shares. Gold entered 2025 as a widely held bullish trade and remains supported into 2026, with broad-based private and official sector demand rather than signs of extreme speculative crowding, the analyst tells investors in a research note. Despite a brief bout of excessive enthusiasm in early autumn, the firm argues that macro conditions over the next 6-12 months point to continued central-bank and investor buying rather than a 2026 bear market setup.
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