Franco-Nevada price target raised to $160 from $158 at Raymond James

Raymond James raised the firm’s price target on Franco-Nevada (FNV) to $160 from $158 and keeps an Outperform rating on the shares. The company announced that it has entered into a financing transaction to support Discovery Silver’s proposed acquisition of the Porcupine Complex, the analyst tells investors in a research note. The firm says the royalties would add immediate gold revenues from a “well-established” operating complex in Ontario.