UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Removes PT on Franco-Nevada Corporation on Necessary Negative

In a report published Tuesday, Morgan Stanley analyst Brad Humphrey reiterated an Equal-Weight rating on Franco-Nevada Corporation 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 Corporation closed on Monday at $55.92.