The Globe and Mail reports in its Saturday, Dec. 19, edition that after coming off a research restriction related to a $25-million secondary offering of its shares by Yamana Gold ($7.26), BMO Nesbitt Burns analyst Rene Cartier upgraded Nomad Royalty ($1.05) to "outperform" from "market perform." The Globe's David Leeder writes that Mr. Cartier continues to target the shares at $1.70. Analysts on average target the shares at $2.08.
Mr. Cartier says in a note: "After a period of underperformance, in our view, the risk/reward looks more compelling for Nomad Royalty, particularly with the targeted production growth in 2021. We are upgrading the shares." The Globe reported on Sept. 24 that Industrial Alliance Securities analyst Puneet Singh began coverage on Nomad Royalty with a "buy" rating and $2.30 share target. The shares could then be had for $1.79. The Globe reported on Oct. 14 that Mr. Cartier began coverage of Nomad Royalty with a "market perform" rating and $1.70 share target. Nomad shares could then be had for $1.33. The Globe reported on Oct. 16 that Haywood Securities analyst Kerry Smith began coverage of Nomad with a "buy" rating and $2.25 share target. Nomad shares were then worth $1.40.
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