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Analysts praise retailer’s decision to expand into Canada.

Analysts cut their price targets on on Thursday after the company hosted an investor day that revealed slowing growth at key mines.

“Following lower than expected revenue guidance from several key mines (Goldstrike, Palmarejo, and Sudbury), we have adjusted financial estimates lower and lowered our price target to $60 from $65,” said Stephen Walker, analyst with RBC Capital Markets.

Franco-Nevada revealed its five-year growth plan to investors on Wednesday, saying it expects 37% growth in gold equivalent production by 2017. It also said it expects oil and gas revenues to grow by roughly 83% during the same time period.

However, the company reported 2012 revenue was below what many analysts had been expecting, and the company now says it expects year-over-year growth in 2013 to be a relatively flat 4%.

“Overall, we view the re- lease as a slight negative for the shares as investors weigh slightly weaker 2012 results, an impairment charge and a weaker than expected outlook in 2013,” Mr. Walker said.

RBC Capital Markets wasn’t the only investment bank to cuts its outlook. National Bank Financial cut its price target on Franco-Nevada to $60 a share from $66, while CIBC cut its target to $63 from $65. TD Securities cut its price target to $60 from $66.

But despite the cuts, Mr. Walker still sees opportunity for the company this year, particularly its ability to make an acquisition.

“At 2012, Franco-Nevada had [roughly] $1.4-billion in liquidity, including $896-million in cash and equivalents and a $500-million undrawn credit facility,” he said, adding the firm is “primed for new acquisitions. FRANCO-NEVADA CORP.

FNV/TSX, $45.20, up 32¢