The Globe and Mail reports in its Wednesday, Nov. 1, edition that Franco-Nevada is also affected by uncertainty at First Quantum Mineral's Cobre Panama mine. The Globe's Darcy Keith writes in the Eye On Equities column that Franco-Nevada receives royalty streams from the mine. Based on estimates at TD Securities, Cobre Panama represents about 18 per cent of Franco-Nevada's streaming and royalty net asset value and is its single largest revenue contributor. TD analyst Greg Barnes on Tuesday lowered his recommendation on Franco-Nevada to "hold" from "buy" and cut his share target to $145 from $180 (all figures U.S.) Mr. Barnes lowered his target enterprise value to earnings before interest, taxes, depreciation and amortization multiple to 22 times from 27 times due to the uncertainty surrounding the future outcomes for Cobre Panama. Mr. Barnes says in a note: "We understand that operations continue at Cobre Panama, but there have been various incursions onto the site by demonstrators. The opposition in Panama is calling for operations to be paused until the Supreme Court has made a ruling." The Globe reported on Aug. 18 that Stifel boosted Franco-Nevada to "buy" from "hold." It was then worth $135.57.