Berenberg Trims Wheaton Precious Metals Price Target Amid Model Changes

05:11 PM EDT, 07/28/2026 (MT Newswires) -- Berenberg reduced its price target for Wheaton Precious Metals (WPM.L) to 117 pounds sterling from 119 pounds amid model adjustments to reflect recent volumes reported by streaming partners. In a note published Tuesday, the research firm said the London-listed precious metals streaming company's growth is in line with industry peers but that it has a steady stream of new volumes expected to come online over the 2026 to 2030 period. Wheaton's gold equivalent ounce volumes are also estimated to be two-thirds larger than those of its closest peer. "Wheaton generates cUSD3bn pa of FCF and has, we think, an under-levered balance sheet (peak net debt/EBITDA of 0.72x at end-June 2026 and net cash in 2027). We firmly believe that we are in the early stages of a major capex cycle for copper, which we think will provide obvious precious metals streaming opportunities for Wheaton that are not in our estimates," analysts added. "In our view, the sheer scale of Wheaton and its cash flow means that it is able to compete not only on smaller streaming deals but, importantly, agree larger deals that smaller peers cannot (the USD4.3bn Antamina (Peru) streaming deal with BHP from February is a case in point), offering material upside." The stock's buy rating was retained, although sales and EPS forecasts for 2026 were trimmed. For 2027 and 2028, the projected EPS were reduced, while sales estimates remain unchanged.