The Globe and Mail reports in its Thursday edition that TD Cowen analyst Derick Ma has elevated his recommendation for Franco-Nevada to "buy" from "hold." The Globe's David Leeder writes that Mr. Ma tweaked his share target down by a loonie to $291. Analysts on average target the shares at $302.68. Mr. Ma issued his rating upgrade to reflect "a compelling combination of balance sheet strength, robust deal flow and a potential Cobre Panama catalyst within the next six months." Mr. Ma says in a note: "Franco-Nevada's balance sheet is the best positioned in the sector with $4.1-billion of financial capacity (including equity investment, available credit on the revolvers and accordion features). Franco-Nevada's financial capacity allows it to pursue large-scale deal opportunities without capital restrictions or limitations, in our view. Franco-Nevada has demonstrated strong deal execution, deploying over $3.3-billion over the past 24 months. Franco-Nevada's recent transactions have also skewed toward producing mines resulting an addition of 7k GEOs to 2026E production on our estimates (representing 12 per cent of total 2026E GEOs)." Mr. Ma says a decision on a full restart of the Cobre Panama mine is "getting closer."