Berenberg Trims Wheaton Precious Metals Price Target After Q3 Results; Forecasts Revised

12:07 PM EST, 11/09/2026 (MT Newswires) -- Berenberg reduced its price target for Wheaton Precious Metals (WPM.L) to 113 pounds sterling from 115 pounds amid a model update following the precious metals streaming company's third-quarter results. "Gold equivalent ounce (GEO) production of 231koz came in below our 242koz estimate, driven mainly by gold volumes from Salobo (Brazil, where gold production of 66koz came in below our 76koz estimate due to lower grades), alongside Sudbury (Canada), Constancia (Peru), and San Dimas (Mexico); partially offset by record silver volumes at Peñasquito (Mexico; of 3.1moz versus our 2.2moz estimate, from better throughput, grades and recoveries)," analysts wrote in a Monday note. "Encouragingly, full-year production guidance of 860-940koz GEO was reiterated; however, we think that strong gold volumes are required in Q4 in order to meet the company's gold production guidance of 400-430koz, likely through an improvement in grades at Salobo." Taking this into account, the research firm "slightly" revised its volume forecasts, while lowering its sales, EBITDA and EPS projections for 2026 through 2028. "We think that there is much to be positive about for Wheaton over the medium term and we remain confident in the company's target to produce 1.2moz GEO by 2030E; supported, we think, by existing streams and high-quality new streams - with management commenting on the earnings call that around a dozen new USD300m-600m opportunities are being evaluated, with these weighted towards development projects and gold streams," Berenberg added. The buy recommendation on the stock was left unchanged.