The Globe and Mail reports in its Thursday, Dec. 7, edition that Desjardins Securities analyst Chris MacCulloch has reaffirmed his "buy" recommendation for Freehold Royalties. The Globe's David Leeder writes that Mr. MacCulloch tweaked his share target back by 75 cents to $18.75. Analysts on average target the shares at $19.08. Mr. MacCulloch says in a note: "Freehold had a relatively quiet 2023, temporarily pausing its U.S. acquisition spree after scooping up assets in some of the hottest plays in 2021-22. This approach has been prudent given that U.S. production adds have proven to be lumpier than initially expected, thereby providing the company with more time to continue building knowledge of the assets while also allowing the balance sheet to reload dry powder in anticipation of future M&A. Meanwhile, drilling, licensing and permitting on Freehold's royalty lands continue setting records on both sides of the border. Finally, we should also highlight that the stock continues providing a lucrative dividend for income-focused investors, currently yielding 7.7 per cent while the payout ratio is firmly positioned toward the lower end of the 60- to 80-per-cent corporate target at strip prices."