BMO Capital raised the firm’s price target on Gold Royalty (GROY) to $4.75 from $4.50 and keeps an Outperform rating on the shares. Following a brief period of research restriction owing to Gold Royalty, the firm is resuming coverage, adding that the acquisition of the Pedra Branca royalty increases Gold Royalty’s revenue, cash flow and number of producing assets which was done on an accretive basis. Moreover, based on the royalty revenue mix, the firm estimates primarily an increase in gold exposure, the analyst tells investors in a research note.
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