Franco-Nevada price target lowered to C$185 from C$205 at Canaccord

Canaccord analyst Carey MacRury lowered the firm’s price target on Franco-Nevada (FNV) to C$185 from C$205 and keeps a Buy rating on the shares. The firm noted Franco-Nevada lowered its 2023 GEO guidance in response to First Quantum’s (FQVLF) announcement that it has slowed production at Cobre Panama down to a single train and will temporarily suspend operations this week unless the blockade is removed. The ongoing uncertainty is likely to continue to weigh on the company’s shares until more clarity emerges.