BMO Capital analyst Rene Cartier downgraded Triple Flag (TFPM) to Market Perform from Outperform with a price target of C$35, up from C$33. The firm cites valuation for the downgrade following a period of strong price performance in 2025, with shares gaining 60%. BMO continues to see growth in production for Triple Flag in the medium to long term, but its near-term estimates showcase a decrease. Relative to other mid-cap royalty peers, Triple Flag shares are now trading at a premium on net asset value, the firm adds.
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