The Globe and Mail reports in its Wednesday, Sept. 24, edition that Raymond James analyst Brian MacArthur lowered Uranium Royalty to "market perform" from "outperform" due to valuation concerns. The Globe's David Leeder writes that Mr. MacArthur noted the company's positive aspects, including its royalty model, growth profile, jurisdictional risk and strong balance sheet. Mr. MacArthur gave his share target a 50-cent boost to $5. Analysts on average target the shares at $4.75. Mr. MacArthur says in a note: "[Uranium Royalty is] the largest publicly traded, uranium-focused royalty company. We believe royalty companies like Uranium Royalty offer equity investors diversified exposure to commodity prices, while mitigating downside risk given limited exposure to operating and capital costs. At the same time, upside optionality exists through exploration and asset expansion potential. Uranium Royalty's royalty portfolio is focused on uranium assets with lower jurisdictional risk, longer duration and backed by some strong operators. We believe Uranium Royalty offers investors a good way to get lower-risk exposure to uranium." The Globe reported on Feb. 7 Mr. MacArthur rated Uranium Royalty "outperform." It was then worth $3.53.