Franco-Nevada Shares Gap Up After Analyst Upgrade (FNV)
Franco-Nevada (NYSE:FNV) gapped up before the market opened on Wednesday after Morgan Stanley raised their price target on the stock from $52.00 to $55.00, ARN reports. The stock had previously closed at $57.24, but opened at $57.62. Franco-Nevada shares last traded at $58.54, with a volume of 244,416 shares trading hands.
FNV has been the subject of a number of other recent research reports. Analysts at RBC Capital raised their price target on shares of Franco-Nevada from C$64.00 to C$71.00 in a research note on Wednesday, July 2nd. They now have an “outperform” rating on the stock. Separately, analysts at TheStreet upgraded shares of Franco-Nevada from a “sell” rating to a “hold” rating in a research note on Wednesday, July 2nd. Finally, analysts at Paradigm Capital raised their price target on shares of Franco-Nevada from $55.00 to $70.00 in a research note on Wednesday, June 25th. They now have a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Franco-Nevada currently has an average rating of “Hold” and a consensus target price of $52.38.
The stock has a 50-day moving average of $51.10 and a 200-day moving average of $48.35. The company has a market cap of $8.621 billion and a price-to-earnings ratio of 720.25.
Franco-Nevada (NYSE:FNV) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.24 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.23 by $0.01. The company had revenue of $104.10 million for the quarter, compared to the consensus estimate of $101.23 million. Franco-Nevada’s revenue was down 4.3% compared to the same quarter last year. On average, analysts predict that Franco-Nevada will post $0.97 earnings per share for the current fiscal year.
Franco-Nevada Corporation (NYSE:FNV) is a gold-focused royalty and stream company with interests in platinum group metals (PGMs), oil and gas and other resource assets.
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