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UPDATE: Morgan Stanley Reiterates On Franco-Nevada On Necessary Negative

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In a report published Tuesday, Morgan Stanley analyst Brad Humphrey reiterated an Equal-Weight rating on Franco-Nevada (NYSE: FNV), but removed the $52.00 price target.

In the report, Morgan Stanley noted, “With the largest impact of the new agreement being the higher ongoing costs to FNV, we believe the new deal terms will initially have a negative impact. However, the new terms were necessary as it is possible (at current metal prices) that the underground development of the Guadalupe deposit would have remained suspended indefinitely.”

Franco-Nevada closed on Monday at $55.92.

Latest Ratings for FNV

DateFirmActionFromTo
May 2016BMO CapitalDowngradesOutperformMarket Perform
May 2016Goldman SachsDowngradesNeutralSell
Mar 2016UBSDowngradesBuyNeutral

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Posted-In: Brad Humphrey Morgan StanleyAnalyst Color Price Target Analyst Ratings

 

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