UBS Raises PT to $118, Stays Neutral on Wheaton (WPM); Majority Remains Bullish

Wheaton Precious Metals (NYSE:WPM) is one of the best precious metals stocks to buy now. On September 19, UBS analyst Daniel Major increased the price target on the company’s stock to $118 from $106, while maintaining his Neutral rating.

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Contrary to Major’s earlier expectations, a slowdown in Q3 has not occurred, thus supporting a more constructive view on the company’s near-term fundamentals. The revision of the target price reflects improving sentiment around key commodities, with the analyst highlighting stronger outlooks for copper, aluminium, and gold.

While Major remains on the sidelines, analysts from Raymond James and Jefferies, both of whom rate the stock a Buy, raised their respective price targets to $114 from $105.45 and $112, respectively, on September 12 and 11.

Chris LaFamina, the Jefferies analyst, cited the high-quality and diversified asset base of Wheaton Precious Metals (NYSE:WPM) as the reason for his positive stance. Moreover, the company’s ability to scale and maintain a higher margin also impresses the analyst.

With those positive ratings, the majority of analysts now hold a positive view of the stock.

Wheaton Precious Metals (NYSE:WPM) is a Canadian precious metals streaming company that provides financing to miners in return for the right to buy gold, silver, palladium, and other metals at fixed prices. The company holds interests in more than 20 producing assets and a pipeline of development projects.

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Disclosure: None. This article is originally published at Insider Monkey.