Silver Wheaton stock soars to all-time high of $68.66

Silver Wheaton Corp’s stock has reached an unprecedented peak, touching an all-time high of $68.66, with InvestingPro data showing the stock is currently trading above its Fair Value. This milestone underscores a remarkable period of growth for the company, which has seen its stock value surge by 59.6% over the past year. Investors have rallied behind Silver Wheaton (TSX:WPM), buoyed by strong market fundamentals and the company’s robust performance, with an impressive 80.4% gross profit margin and "GREAT" overall financial health score according to InvestingPro. However, technical indicators suggest the stock is in overbought territory. This impressive ascent to a record price level reflects burgeoning investor confidence and the firm’s solid position within the industry. With 18 additional key insights available on InvestingPro, including detailed valuation metrics and growth forecasts, investors can access comprehensive analysis through the platform’s Pro Research Report.

In other recent news, Wheaton Precious Metals (NYSE:WPM) has been the focus of recent analyst attention. Berenberg has maintained its Buy rating on Wheaton, setting a target price of $72.00. The firm’s analysts anticipate strong production results for the year 2024, forecasting Wheaton’s gold-equivalent production to reach the upper end of the company’s guidance range at 616,000 ounces. In line with this, Berenberg’s projected revenues for 2024 stand at $1.28 billion, with EBITDA at $982 million, and earnings per share (EPS) at $1.42.

In addition to Berenberg, UBS has initiated coverage on Wheaton with a Buy rating and a price target of $78.00. The firm highlights the company’s expected growth in Gold Equivalent Ounce (GEO) output by approximately 30% by the year 2028. This growth projection is attributed to Wheaton’s diverse project portfolio, reducing the company’s risk profile. UBS forecasts a roughly 30% upside to the stock, reflecting confidence in Wheaton’s strategy and its ability to execute on the projected growth. These are among the recent developments for Wheaton Precious Metals.

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