Vizsla Royalties downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded Vizsla Royalties (VROYF) to Market Perform from Outperform with a price target of C$3.90, down from C$5.25, after the company announced an agreement to be acquired by Elemental Royalty. The firm is “surprised by the timing” given Vizsla Silver expects permits to be issued soon and construction to commence in Q3 on the Panuco Project in Sinaloa, Mexico. Though Panuco is “an exceptional asset,” the firm does not expect a higher bid given the valuation plus uncertainty in permitting and security, the analyst added.