The Globe and Mail reports in its Friday, July 11, edition that TD Securities analyst Derick Ma has lowered his recommendation for Sandstorm Gold to "sell," recommending investors tender their shares to the takeover offer by Royal Gold. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Ma has an unchanged share target of $14, which reflects Royal Gold's current offer price. Mr. Ma says in a note: "The industrial logic of the proposed transaction is sound and will result in a stronger combined entity with balanced growth across the investment time horizon, ample liquidity to deploy and a simplified corporate structure. We believe a superior competing offer is unlikely, given the strength and depth of the current deal market and availability of other potential M&A targets in the sector." The Globe reported on Sept. 11 that RBC Dominion Securities rated Sandstorm Gold "outperform." The shares could then be had for $7.67. The Globe reported on June 12 that Canaccord Genuity analyst Carey MacRury called Sandstorm Gold his top pick. The shares could then be had for $12.36.