TD upgrades Franco-Nevada to Buy on ‘compelling’ valuation

TD Securities upgraded Franco-Nevada to Buy from Hold with an unchanged price target of $139. The firm sees a “compelling” valuation at current share levels. While uncertainties hang over several of Franco-Nevada’s assets, including Cobre Panama and Cascabel, these assets also provide notable growth optionality to the portfolio, the analyst tells investors in a research note. The firm says the company has $2.2B of available liquidity, the highest among its peer group, and offers 9% organic growth by 2028 excluding Cobre Panama.