Raymond James raised its price target on Altius Minerals (ALS.TO) to C$66 from C$64.
Analyst Brian MacArthur maintained an Outperform rating on shares of the Canadian diversified mining and renewable energy royalty company.
On Friday, Altius announced that it increased its ownership interest in Great Bay Renewables to 50%.
"Pro forma we estimate GBR to be about 25% of ALS's NAV and GBR revenues are forecast to grow to about $80 Million over the next few years," MacArthur said in a note to clients. "In addition, there is more than $100 million in ancillary revenue potential in 2026-2028 period at GBR from development fee sharing structures associated with developer deals."
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