09:25 AM EST, 03/07/2024 (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 decrease our 12-month target price by CAD17 to CAD158, or 36.0x our 2024 EPS estimate, which is in line with FNV's historical average forward P/E over the last two years of 36.1x. Our assumed P/E multiple is also in line with royalty/streaming peers, which are trading at an average forward P/E of 35.0x. We lower our 2024 EPS estimate by USD0.48 to USD3.26 and initiate our 2025 EPS forecast at USD3.68. FNV posted Q4 adjusted EPS of USD0.90 vs. USD0.86, a USD0.09 beat relative to consensus, driven by a top-line beat of 6.8%. During Q4, total gold equivalent ounces (GEOs) sold was down 17% Y/Y to 152,351 and for full-year 2023, GEOs sold fell by 14% Y/Y to 627,045. The shuttered Cobre Panama asset accounted for 128,598 GEOs in 2023 (or 20.5% of the total). While Cobre Panama is shut in, it is a major headwind for FNV, but the guidance is positive, in our view, with precious metal GEOs expected to be up 6% at the midpoint and total GEOs up around 2% at the midpoint.