Analyst David Hove from Jefferies maintained a Buy rating on Wheaton Precious Metals (WPM – Research Report) and increased the price target to $84.00 from $79.00.
David Hove has given his Buy rating due to a combination of factors that highlight Wheaton Precious Metals’ strong financial position and operational performance. The company reported a significant cash flow of $316 million for the fourth quarter, which exceeded expectations and resulted in an impressive margin expansion to 83%. Additionally, Wheaton Precious Metals ended the quarter with a robust cash balance of $818 million, no debt, and a substantial $2.0 billion undrawn on its revolving credit facility.
Moreover, the company increased its quarterly dividend by 6.5%, reflecting confidence in its financial health and future prospects. The adjustment of the Artemis stream deal is expected to accelerate silver deliveries, enhancing revenue potential. Furthermore, Wheaton Precious Metals’ adjusted earnings per share surpassed both the analyst’s and consensus estimates, reinforcing its position as a top pick in the streaming and royalty sector.
In another report released today, Scotiabank also maintained a Buy rating on the stock with a $78.00 price target.
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