May 22, 2019 / 12:21 PM / 5 months ago

BUZZ-Franco-Nevada Corp: RBC downgrades citing fair valuation

** Brokerage RBC Capital Markets downgrades Franco-Nevada Corp to ‘sector perform’ from ‘outperform’, citing fair valuation

** Brokerage says stock is fairly valued when compared with royalty and streaming peers and the market appears to be pricing in some of the revenue growth from Cobre Panama

** RBC forecasts Cobre Panama to account for ~15% of overall revenue, with oil and gas segment contributing ~16% of revenue in the next five years

** Analyst Stephen Walker says there is some uncertainty around revenue from Nevada gold assets, including Goldstrike and Gold Quarry after Barrick Gold and Newmont Mining’s JV

** 9 of 16 brokerages rate the stock “buy” or higher, 7 “hold”; median PT is C$115.71

** Stock up 6.3% YTD (Reporting By Arundhati Sarkar in Bengaluru)

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