Franco-Nevada (FNV.TO) has kept its stock ratings and price targets at RBC Capital Markets and National Bank of Canada.

RBC said Tuesday that it maintained Franco-Nevada's Sector Perform rating and US$160 price target as the company hosted an investor day in Toronto.

According to RBC, the presentation provided a review of Franco-Nevada's business model, recent
Cobre Panama developments, and growth via long-term asset optionality.

During the event, Franco-Nevada also emphasized its objective to earn a high return on capital via careful asset selection and maintaining optionality.

National Bank of Canada on Wednesday also kept Franco-Nevada's Sector Perform rating and C$215 price target. It said the price target remains based on multiples of 2.20x NAV (33%) + 28.0x EV/2025E CF (67%).

The bank said the Sector Perform rating offsets the company's "stable five-year production outlook and industry-leading financial strength with its premium valuation, which currently incorporates long-term recoverable value from Cobre Panama as well as a competitive deal environment for new royalty/stream origination." National expects FNV has an opportunity to utilize its strong balance sheet, valuation and cash flows to consolidate several royalty & streaming peers throughout the coming years.

According to the bank, FNV's investor day provided additional context on previously released information and reaffirmed its outlook based on the company's 2025 and long-term guidance.

FNV's share price was down 1% to $220.20 on the TSX.