Freehold Royalties downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Luke Davis downgraded Freehold Royalties (FRHLF) to Market Perform from Outperform with a price target of C$18, up from C$17.50. Although each Canadian royalty name continues to offer attractive long-term value, the space has been downgraded in favor of more direct producer exposure in the near term, particularly following an average +18% year-to-date gain across the space, the analyst tells investors in a research note.