The Globe and Mail reports in its Friday, Oct. 3, edition that Canaccord Genuity analyst Carey MacRury has lowered his recommendation for Franco-Nevada to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. MacRury's share target, however, soared $52 to $322. Analysts on average target the shares at $258.26. Mr. MacRury tweaked his rating and share target following a strong share performance year-to-date, up 85 per cent, "where we now see it fairly valued." Mr. MacRury says in a note: "Franco is trading at a premium versus its senior royalty peers at 2.32 times NAV versus Royal Gold at 1.4 times and Wheaton at 1.85 times, and is just over its long-term average of 2.21 times. Franco has been active so far this year, announcing a $300-million acquisition for a 4.25-per-cent NSR [net smelter royalty] on Porcupine in January. ... Franco reiterated its 2025 guidance with Q2 results, looking for 465-525koz GEOs, excluding any Cobre Panama restart but including about 10,000 GEOs from on-site concentrate sales expected in Q3/25. We expect growth in H2/25 coming from a full quarter of Cote and Porcupine contributions and higher anticipated deliveries from Antapaccay."