UBS raises target for Wheaton Precious Metals stock to USD 160 - AD HOC NEWS

AI desk brief

UBS lifted its Wheaton Precious Metals target to USD 160 from USD 150 and kept a Buy rating, with the stock last trading at EUR 117.13 on Lang & Schwarz, 0.74% below the prior Xetra close of EUR 118.00. The note comes after Wheaton reported Q2 earnings of USD 1.19/share versus USD 1.15 consensus and revenue of USD 878.0 million, up 84.7% year over year.

The stock remains below its 52-week high of USD 165.76, while the next catalyst is Q3 results on November 5 after the close and the conference call on November 6. UBS’s higher target reinforces the valuation backdrop, but the company still remains exposed to realized precious-metals prices and partner production through its streaming model.