2023-04-20 14:54:30 ET
Wheaton Precious Metals ( NYSE: WPM ) +0.5% in Thursday's trading despite receiving a downgrade to Neutral from Buy with a C$66 price target at Goldman Sachs, reflecting the stock's relative outperformance compared with peers.
Since Goldman's Emily Chieng initiated Wheaton ( WPM ) with a Buy rating last September, the stock is up ~50% vs. 23% for covered large-cap gold miners and streamers.
While remaining constructive on the company's business fundamentals, Chieng said the initial factors behind the upgrade - including attractive medium term GEO growth as the Sabolo expansion ramped up, and contributions from the Blackwater and Santo Domingo assets began - are now better reflected in the stock price.
Among its gold coverage, Goldman favors Buy-rated Newmont ( NEM ) and Agnico Eagle Mines ( AEM ).
Wheaton Precious Metals ( WPM ) is "a solid streamer that deserves more attention," Fun Trading writes in an analysis published on Seeking Alpha .
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Wheaton Precious Metals downgraded at Goldman after run-up