Royal Gold initiated with a Buy at UBS

UBS analyst Daniel Major initiated coverage of Royal Gold (RGLD) with a Buy rating and $325 price target The firm says the company offers an “attractive combination of low-risk, more reliable” leverage to gold price upside relative to many of the gold miners. Royal Gold’s near- and medium-term volume growth is not priced into the stock, the analyst tells investors in a research note. UBS believes the company is entering a growth phase and is well positioned to deliver “strong” earnings growth.