10:51 AM EDT, 08/15/2024 (MT Newswires) -- Franco-Nevada's ( FNV ) price target has been dropped to C$195 from $200 following the release of the company's second-quarter results and Yanacocha acquisition, National Bank of Canada said in a Wednesday note.

Franco-Nevada ( FNV ) reported an adjusted EBITDA of US$222.0 million, below the bank's forecast of US$248 million and the consensus estimate of US$236 million due to lower revenues.

The company now expects its 2024 sales to hit the lower end of its guidance range of 480,000 to 540,000 ounces of gold equivalent, compared to the bank's revised forecast of 502,855 ounces.

National Bank said its unchanged Sector Perform rating offsets the company's stable five-year production growth and industry-leading financial strength with its premium valuation, uncertainty around long-term recoverable value from the Cobre Panama mine in Panama, and a competitive deal environment for new royalties/streams.

The company's share price was up 2.4% at last look to near $164.20.

Price: 164.48, Change: +3.90, Percent Change: +2.43