10:22 AM EST, 03/06/2024 (MT Newswires) -- RBC Capital Markets said Wednesday that Franco-Nevada Corp. ( FNV ) 's adjusted EPS of US$0.90 in the fourth quarter of 2023 beat RBC's forecast of US$0.89 and the consensus estimate of US$0.80.

EBITDA was US$253 million, compared to RBC's projection of US$252 million and the consensus forecast of US$256 million.

Gold equivalent production of 152,000 ounces aligned with RBC's estimate but missed the consensus estimate of 161,000 ounces.

The bank gave Franco-Nevada ( FNV ) a sector perform rating with a US$135.00 price target.

Meanwhile, Franco-Nevada's ( FNV ) adjusted EPS exceeded National Bank of Canada's forecast of US$0.80 due to lower taxes.

Adjusted EBITDA missed the bank's estimate of US$265 million, driven by higher cost of sales.

National Bank expects Franco-Nevada ( FNV ) shares to trade below peers given the softer sales outlook for 2024 and headline impact of writing down its interest in First Quantum Minerals Ltd. (FM.TO)'s Cobre Panama mine.

The bank gave Franco-Nevada ( FNV ) a sector perform rating with a $172.50 price target.

Price: 152.89, Change: -0.12, Percent Change: -0.08