Franco-Nevada Corp. (FNV.TO, FNV) was downgraded to Hold from Buy at TD Securities on Tuesday.

Analyst Derick Ma maintained a price target of US$152 on shares of the Toronto-based gold-focused royalty and streaming company.

"The Cobra Panama optionality is largely priced in," Ma said in a note to clients.

"Furthermore, we note there is risk that a potential mine restart could take longer than expected, FNV's stream could negatively be impacted by the negotiations and macro uncertainties could lead to headwinds for Energy and Iron Ore," the analyst said.

(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: 212.92, Change: +5.69, Percent Change: +2.74