CIBC Remains Bullish on Franco-Nevada Corporation (FNV)

Franco-Nevada Corporation (NYSE:FNV) is one of the most profitable gold stocks to buy right now. On July 25, CIBC analyst Cosmos Chiu maintained a Buy rating on Franco-Nevada Corporation (NYSE:FNV) and set a price target of C$315.00.

Franco-Nevada Corporation (FNV): Among Top Stocks With Dividends

An aerial view of a large gold mine showing the extensive activity of natural resource extraction.

The rating followed the company’s July 23rd announcement of the acquisition of an existing 1.0% net smelter return royalty on AngloGold Ashanti plc’s Arthur Gold Project from Altius Minerals Corporation. The transaction was worth $250 million in cash, along with a contingent cash payment of $25 million, subject to the attainment of certain conditions.

Management reported that the Arthur Gold Project is one of the fastest-growing and largest new gold discoveries in the US.

Franco-Nevada Corporation (NYSE:FNV) manages a gold-focused royalties and streams portfolio. The company provides investors with gold price and exploration optionality while reducing exposure to many of the risks associated with operating companies.

While we acknowledge the potential of FNV to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than FNV and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.