The Globe and Mail reports in its Tuesday edition that National Bank analyst Shane Nagle has reaffirmed his "sector perform" recommendation for Franco-Nevada. The Globe's David Leeder writes that Mr. Nagle cut his share target back by $5 to $210. Analysts on average target the shares at $213.47. Mr. Nagle says in a note: "Our 'sector perform' rating, which offsets the company's stable five-year production growth and industry leading financial strength with its premium valuation. We derive our target price for Franco-Nevada from multiples of 2.80 times NAV (33 per cent) + 30 times EV/24E CF (67 per cent). Franco-Nevada remains a staple name in the gold sector, offers unparalleled portfolio diversification and maintains a strong financial position. With inflationary fears impacting the outlook for operators, the royalty sector stands to benefit from both the fixed-cost nature of royalty/streaming agreements and opportunities for additional acquisitions." The Globe reported on Jan. 24 that Stifel analyst Ingrid Rico had cut Franco-Nevada to "hold" from "buy." It was then worth $194.97. The Globe reported on Aug. 18 that Ms. Rico upgraded her recommendation for Franco-Nevada to "buy." It was then worth $183.61.