Scotiabank Forecasts Strong Price Appreciation for Franco-Nevada (NYSE:FNV) Stock

Key Points

• Scotiabank has raised its target price for Franco-Nevada (NYSE:FNV) stock from $184.00 to $225.00, indicating a potential upside of 17.79% based on the company's previous close.
• Franco-Nevada reported earnings of $1.24 per share, exceeding estimates of $1.10, with a revenue of $369.40 million, reflecting a 42.0% increase year-over-year.
• The stock currently holds a consensus rating of "Moderate Buy" with an average price target of $216.14 amidst varied ratings from multiple research firms.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV had its target price boosted by analysts at Scotiabank from $184.00 to $225.00 in a report released on Thursday,Benzinga reports. The firm presently has a "sector perform" rating on the basic materials company's stock. Scotiabank's target price would indicate a potential upside of 17.79% from the company's previous close.

Several other research firms have also weighed in on FNV. Weiss Ratings lowered Franco-Nevada from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, October 8th. Raymond James Financial upped their price target on Franco-Nevada from $218.00 to $234.00 and gave the stock an "outperform" rating in a report on Friday, October 10th. Canaccord Genuity Group upgraded Franco-Nevada from a "hold" rating to a "strong-buy" rating in a report on Wednesday. UBS Group upped their price target on Franco-Nevada from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, October 16th. Finally, TD Securities upped their price target on Franco-Nevada from $182.00 to $184.00 and gave the stock a "hold" rating in a report on Tuesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Franco-Nevada has a consensus rating of "Moderate Buy" and an average price target of $216.14.

Franco-Nevada Price Performance

FNV traded up $1.07 on Thursday, hitting $191.02. The company had a trading volume of 252,657 shares, compared to its average volume of 834,430. The company's fifty day moving average price is $200.32 and its 200 day moving average price is $177.19. Franco-Nevada has a 1-year low of $112.70 and a 1-year high of $225.63. The stock has a market cap of $36.81 billion, a price-to-earnings ratio of 46.96, a price-to-earnings-growth ratio of 1.81 and a beta of 0.42.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its earnings results on Monday, August 11th. The basic materials company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.14. Franco-Nevada had a return on equity of 12.56% and a net margin of 58.82%.The firm had revenue of $369.40 million during the quarter, compared to analyst estimates of $382.70 million. During the same period in the previous year, the company earned $0.75 EPS. The company's revenue for the quarter was up 42.0% on a year-over-year basis. On average, sell-side analysts forecast that Franco-Nevada will post 3.09 EPS for the current year.

Institutional Trading of Franco-Nevada

Institutional investors and hedge funds have recently modified their holdings of the company. MTM Investment Management LLC bought a new stake in shares of Franco-Nevada during the second quarter valued at approximately $32,000. Smartleaf Asset Management LLC grew its position in Franco-Nevada by 600.0% in the second quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company's stock valued at $32,000 after acquiring an additional 168 shares during the period. Cullen Frost Bankers Inc. bought a new stake in Franco-Nevada in the first quarter valued at $32,000. Golden State Wealth Management LLC grew its position in Franco-Nevada by 78.3% in the second quarter. Golden State Wealth Management LLC now owns 205 shares of the basic materials company's stock valued at $34,000 after acquiring an additional 90 shares during the period. Finally, Hexagon Capital Partners LLC grew its position in Franco-Nevada by 494.7% in the first quarter. Hexagon Capital Partners LLC now owns 226 shares of the basic materials company's stock valued at $36,000 after acquiring an additional 188 shares during the period. 77.06% of the stock is currently owned by institutional investors.

Franco-Nevada Company Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.