Royal Gold upgraded to Buy from Hold at Jefferies

Jefferies analyst David Hove upgraded Royal Gold (RGLD) to Buy from Hold with a price target of $178, up from $154. The firm is modeling a “compelling growth profile” for Royal Gold, second only to Wheaton Precious Metals (WPM) among its peers, but notes that its shares trade at discount multiples. Jefferies sees the valuation gap closing as Royal Gold’s attributable production grows, “largely driven by mines in the Americas.”