BMO Capital analyst Andrew Kaip downgraded Royal Gold to Market Perform but also raised his price target to $100 from $98, saying that after a period of strong share price performance and re-rating, the company's "recent successes and upcoming catalysts are largely reflected" in the valuation. The analyst cites Royal Gold's commissioning of the Pyrite Leach Project at Penasquito and the increasing production through calendar 2019 at Cortez Crossroads as positives, but notes that its stock now trades above the overall market-weighted average of its royalty/streaming peers. Kaip adds that he may reconsider his rating based on the company's future updates and the performance in its portfolio.