The Globe and Mail reports in its Wednesday, Aug. 13, edition that TD Cowen analyst Derick Ma is keeping his "hold" recommendation for Franco-Nevada intact. The Globe's David Leeder writes in the Eye On Equities column that Mr. Ma tweaked his share target ahead by $2 (U.S.) to $184 (U.S.). Mr. Ma says in a note: "Management stated on its conference call that there are no capital constraints on the organization when assessing new deals. For new opportunities, Franco-Nevada is focused on long life, precious metal assets in the current commodity price environment and stated there is a 'very healthy pipeline' of producing and development opportunities. In spite of recent deal execution success, we believe that Franco-Nevada is well-positioned in terms of liquidity and cash flow generation to support further growth. ... As at June 30, Franco-Nevada had $160-million (Canadian) in cash and its $1-billion (Canadian) revolving credit facility (RCF) was completely undrawn (less $48-million (Canadian) of standby letter of credits to the CRA). ... We estimate Franco-Nevada could generate operating cash flows in the range of $300-million (Canadian) to $350-million (Canadian) per quarter at current commodity prices."