UBS has initiated coverage of Franco Nevada Corp (NYSE: FNV) with a Buy recommendation and a price target of $160 per share, driven by the anticipated growth from the Cobre Panama project, which could add 130,000 to 150,000 gold equivalent ounces (GEOs). Despite uncertainties regarding the mine"s restart timing, UBS highlights Franco Nevada"s strong financial position, low balance sheet risks, and a robust gross margin of 87.37%. The company has also maintained its dividend for 17 consecutive years, reflecting its commitment to shareholder returns.