Wheaton Precious Metals price target raised to $118 from $116 at UBS

UBS raised the firm’s price target on Wheaton Precious Metals (WPM) to $118 from $116 and keeps a Neutral rating on the shares. Gold entered 2025 as a widely held bullish trade and remains supported into 2026, with broad-based private and official sector demand rather than signs of extreme speculative crowding, the analyst tells investors in a research note. Despite a brief bout of excessive enthusiasm in early autumn, the firm argues that macro conditions over the next 6-12 months point to continued central-bank and investor buying rather than a 2026 bear market setup.