Franco-Nevada

FNV · TORONTO

$228.75−$3.19 (−1.38%)TodayMarket closed · Oct 23, 7:59 PM ET

Prev close $231.94

FNV analyst rating

BuyConsensus of 7 analysts over the last 12 months. 57% rate it a buy.

Strong buy0
Buy4
Hold3
Underperform0
Sell0

12-month price target · 17 analysts

Average $289.45 (+26.5% upside)

Low: $222.91
Now: $228.75
High: $358.82

Upgrades and downgrades

The latest rating actions, newest first

FNV analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Sep 16, 2026	Maintains	Outperform	$285.00 → $300.00	49%
Scotiabank	Jul 14, 2026	Maintains	Sector Perform	$290.00 → $274.00	67%
RBC Capital	Jul 9, 2026	Maintains	Outperform	$295.00 → $285.00	49%
B of A Securities	Jul 9, 2026	Maintains	Neutral	$276.00 → $238.00	61%
Jefferies	Jul 6, 2026	Maintains	Hold	$258.00 → $245.00	52%
UBS	Jun 30, 2026	Maintains	Buy	$310.00 → $280.00	78%
TD Cowen	May 20, 2026	Upgrade	Hold → Buy	$292.00 → $291.00	50%
Scotiabank	May 14, 2026	Maintains	Sector Perform	$286.00 → $290.00	67%
HC Wainwright & Co.	May 13, 2026	Maintains	Buy	$305.00	25%
Jefferies	Apr 9, 2026	Maintains	Hold	$269.00 → $273.00	52%

The case for and against

Updated Oct 23, 2026

Bull case

Franco-Nevada is well supported by a fortress balance sheet with about $4.1 billion of financial capacity, including cash, monetizable investments, revolver access, and accordion features, giving it the flexibility to pursue large-scale royalty and streaming deals without meaningful capital constraints. The company has also shown strong execution, deploying over $3.3 billion in the past 24 months and adding roughly 67,000 GEOs to 2026E production, while 1Q26 revenue of $650.7 million and net income of $468.6 million benefited from sharply higher realized gold and silver prices and 8% YoY GEO growth to 136,353. Its outlook is further strengthened by diversified asset exposure, proven management, and optionality from a potential Cobre Panama resolution, which could unlock additional growth and re-rate the shares from trough multiples.

Bear case

Franco-Nevada is facing a weak fundamental setup because its outlook remains tied to unresolved political and permitting risk in Panama, where a decision on Cobre Panama by June 2026 appears unlikely and formal negotiations have not yet started. Even if stream amendments are ultimately minor, the company still faces headline risk and uncertainty around royalties, while its future performance remains highly sensitive to metal prices, foreign exchange rates, operating costs, and capital expenditure assumptions. Despite a current EV/NTM EBITDA of ~15.5x versus a 5-year average of ~21.8x, the discount may reflect the market’s caution that financing, regulatory, and project-specific risks could continue to pressure estimates and growth.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.