BMO Capital analyst Jackie Przybylowski has maintained their bullish stance on WPM stock, giving a Buy rating today.
Jackie Przybylowski has given his Buy rating due to a combination of factors including Wheaton Precious Metals’ recent performance and promising long-term growth prospects. The fourth-quarter production of 2023 surpassed both the BMO Capital and consensus estimates, which suggests a robust operational capability. While the 2024 guidance fell short of initial expectations, adjustments were made, and the forecasts remain in alignment with the company’s guidance. Przybylowski’s confidence is also bolstered by Wheaton’s bullish outlook for significant growth in the coming decade.
Furthermore, the company’s projected increase in production to over 800 thousand Gold Equivalent Ounces (kGEO) by 2028 and the continued rise in the subsequent years indicates a strong trajectory for sustained growth. Despite the fact that direct comparisons with previous long-term guidance are not straightforward due to differences in commodity price assumptions, Przybylowski’s analysis reflects anticipation of strong organic growth and additional opportunities for expansion. This promising outlook, coupled with the company’s diversified exposure to precious metals, underpins the rationale behind the Buy rating.
Przybylowski covers the Basic Materials sector, focusing on stocks such as Franco-Nevada, First Quantum Minerals, and Pan American Silver. According to TipRanks, Przybylowski has an average return of 8.9% and a 45.58% success rate on recommended stocks.
In another report released today, Scotiabank also maintained a Buy rating on the stock with a $60.00 price target.
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Wheaton Precious Metals (WPM) Company Description:
Wheaton Precious Metals Corp. is a mining company, which engages in the sale of precious metals and cobalt production. It operates through the following segments: Gold, Silver, Palladium, Cobalt, and Other. It focuses on the following precious metals streams: Salobo, Peñasquito, Antamina, Constancia, Stillwater, San Dimas, Sudhury, Zinkgruvan, Yauliyacu, Neves-Corvo, Pascua-Lama, Rosemont, Voisey’s Bay, and others. The company was founded by Peter Derek Barnes on December 17, 2004 and is headquartered in Vancouver, Canada.
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