Gold Royalty upgraded to Outperform from Market Perform at Raymond James

Raymond James 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.