CIBC Capital Markets lowered its price target on Franco-Nevada Corp. (FNV.TO) to $235 from $265 on Thursday.
Analyst Cosmos Chiu maintained an Outperformer rating on shares of the Toronto-based mining company after it reported quarterly results following market close on Wednesday.
The stock declined $8.58, or 4.7%, to $175.65 on the Toronto Stock Exchange Thursday.
"Franco-Nevada reported one of the weakest quarters in the company's history, with Q3 earnings missing expectations, and with guidance for the year revised downwards," Chiu said in a note to clients.
"FNV shares have always been a strong long-term investment, and investors should continue to view the company from this perspective," the analyst said.
"We have now revised our GEO estimate from 490k to 464koz, and we believe the company's ability to achieve this revised guidance could help it regain some positive momentum."
(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)
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