UBS Ups Target on Franco-Nevada (FNV) to $250, Maintains Buy

Franco-Nevada Corp. (NYSE:FNV) is one of the best precious metals stocks to buy now. On September 19, UBS analyst Daniel Major increased the price target on the company’s stock to $250 from $210, while maintaining his Buy rating.

As was the case for four other best precious metals list stocks where UBS published updates, the analyst has indicated that, contrary to his expectations, a slowdown in Q3 has not occurred, which supports his constructive view in the near term. He believes that this sentiment around key commodities underpins his stronger outlook for copper, aluminium, and gold.

On a more positive note, on September 12, Franco-Nevada reported that it has resolved its tax dispute with the Canada Revenue Agency covering the years 2013 to 2019. The dispute was related to the income generated by two of the company’s wholly owned foreign subsidiaries, namely Franco-Nevada (Barbados) Corporation and Franco-Nevada Mexico Corporation.

The settlement confirms there will be no Canadian tax on foreign income for that period, adjusts service fee arrangements, and cancels related penalties. With the issue settled, Franco-Nevada gains more visibility on its tax position and can keep its focus on pursuing global growth opportunities.

Franco-Nevada Corp. (NYSE:FNV) is a gold-focused royalty and streaming company with a highly diversified portfolio.

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