Triple Flag price target raised to $26 from $24 at Jefferies

Jefferies analyst Matthew Murphy raised the firm’s price target on Triple Flag (TFPM) to $26 from $24 and keeps a Buy rating on the shares after the company announced it will acquire all the issued and outstanding shares of Orogen Royalties (OGNRF) for total consideration of about $304M, or C$2.00 per Orogen shares. It is “early days at Expanded Silicon,” with production after 2029, but aspects of the deal the firm “definitely” likes include the fact that the operator is a major, namely AngloGold, it is in a “top tier jurisdiction” in Nevada, and the full participation royalty structure.