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Franco-Nevada Upgraded to Buy at TD

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Franco-Nevada Corp (FNV.TO, FNV) was upgraded to Buy from Hold at TD Securities on Wednesday.

Analyst Derik Ma lowered his price target on shares of the Toronto-based gold-focused royalty and streaming company to US$291 from US$292.

"We are upgrading FNV... reflecting a compelling combination of balance sheet strength, robust deal flow, and a potential Cobre Panama catalyst within the next 6 months," Ma said in a note to clients.

"Despite these positive attributes, FNV is trading at near 5-year valuation trough multiples, presenting an attractive entry point," the analyst said.

"We are confident in management's ability to grow the business in a strong deal environment," Ma said. "FNV's financial capacity allows it to pursue large-scale deal opportunities without capital restrictions or limitations."

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