Gold Royalty upgraded to Outperform at Raymond James (yesterday)

As previously reported yesterday, Raymond James analyst Brian MacArthur upgraded Gold Royalty to Outperform from Market Perform with an unchanged price target of $2.75 after the company entered into a binding agreement to acquire a copper stream on the Vares Silver Project located in Bosnia. Gold Royalty will make ongoing payments equal to 30% of the copper price, with the effective payable copper fixed at 24.5%, and will pay consideration of $50M to acquire the stream consisting of $45M in cash and $5M by the issuance of 2.906M Gold Royalty shares, the analyst tells investors in a research note.