UPDATE: National Bank Financial Upgrades Franco-Nevada Corporation to Outperform on Yield, Acquisitions
National Bank Financial raised its rating on Franco-Nevada Corporation (NYSE: FNV) from Sector Perform to Outperform and increased its price target from $63 to $68.
National Bank Financial said, "We are increasing our rating to Outperform (was Sector Perform) on share price depreciation. In addition, we are boosting our target to $68.00 (was $63.00) to account for the impact of the Weyburn acquisition. … Despite several recent transactions, management continues to show notable dividend growth, which reinforces the business model and the associated premium valuation. We note the dividend increase starts with the January monthly dividend."
Franco-Nevada Corporation closed at $56.47 on Tuesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.