The Globe and Mail reports in its Friday, Dec. 1, edition that National Bank analyst Shane Nagle cut his share target on Franco-Nevada in the wake of more bad news for First Quantum Minerals' Cobre Panama project, which Franco-Nevada receives royalty streams from. The Globe's Darcy Keith writes in the Eye On Equities column that earlier this week, Panama's Supreme Court declared First Quantum's Cobre Panama mining contract to be unconstitutional. Mining operations were essentially shut down late last week. Mr. Nagle says in a note: "We view a restart at the mine as unlikely before national elections occur in May, 2024. ... First Quantum (the mine's operator) along with Franco-Nevada initiated arbitration proceedings under the Panama/Canada Free Trade Agreement. However, both parties are hopeful to negotiate a resolution with the Panama Government following elections next May." Mr. Nagle cut his share target to $190 from $205. Analysts on average target the shares at $203.75. The Globe reported on Aug. 26 that Mr. Nagle rated Franco-Nevada "sector perform." The shares could then be had for $180.88.