Gold Royalty initiated with Outperform, $3 target at Scotiabank

Scotiabank analyst Eric Winmill last night initiated coverage of Gold Royalty with an Outperform rating and $3 price target. Gold Royalty is a precious metals-focused royalty and streaming company with a diverse portfolio of royalty interests in varying phases of the mining life cycle, the analyst tells investors in a research note. The firm sees the shares offering investors the traditional advantages of a royalty company, namely, exposure to rising precious metals prices while retaining exploration upside and no operating risk, at an attractive valuation.