02:35 PM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target price by CAD23 to CAD181, or 35.7x our 2025 EPS estimate, in line with FNV's historical average forward P/E over the last two years and near the average forward P/E for royalty/streaming peers of 34.4x. We trim our 2024 EPS estimate by USD0.01 to USD3.25, but raise our 2025 EPS forecast by USD0.02 to USD3.70. FNV posted Q1 adj. EPS of USD0.76 vs. USD0.79, USD0.05 above consensus, driven by a revenue beat of 3.1%. Q1 sales volume totaled 122,897 gold equivalent ounces (GEOs), a 15% Y/Y decline, driven by the loss of production at Cobre Panama, which remains shut down. Antamina was also a drag on volume, due to lower avg. silver grades as expected. On a positive note, higher production volume was achieved at Antapaccay, Guadalupe-Palmarejo, and Subika. Around 2% of the sales volume decline is due to 3,036 GEOs from Condestable held in inventory (which was sold subsequent to quarter end). FNV remains debt free and has USD2.3 billion in available capital for new or existing assets.