National Bank Financial on Wednesday upgraded its rating on the shares of Franco-Nevada (FNV.TO, FNV) to outperform from sector perform while raising its price target to C$420 from C$410 following the royalty company's first-quarter results.

"We have incorporated Q1 financials and modified some assets to better align with operator guidance. We continue to see improving momentum throughout H2 on progressing towards resumption of production from Cobre Panama, significant tailwinds from elevated oil & gas prices, improved option value given its large-scale portfolio, and a more compelling valuation relative to peers," analyst Shane Nagle wrote. .

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 331.68, Change: +6.04, Percent Change: +1.85