Berenberg Updates Wheaton Precious Metals Forecasts After 'Record' Q2; Buy Reiterated

05:53 AM EDT, 08/11/2026 (MT Newswires) -- Berenberg revised its forecasts for Wheaton Precious Metals (WPM.L) as part of a model update to reflect its interim report, with analysts saying "more to come" following the company's "record" second quarter. "While gold equivalent ounce (GEO) production of 202koz came in a touch below our 210koz estimate - driven mainly by slightly softer volumes at Sudbury (Canada), Constancia (Peru), San Dimas (Mexico) and Hemlo (Canada) - sales volumes of 209koz GEO beat our 200koz estimate, driving a revenue beat coming in at USD929m versus our USD900m, while cost of sales of USD241m was a touch above our USD237m," the research firm said Tuesday. The precious metals streaming company's second-quarter earnings before income taxes of $645 million also came in ahead of Berenberg's forecast of $628 million. Against this backdrop, analysts trimmed their sales and EPS projections for 2026 and 2028, while those for 2027 were nudged higher. EBITDA forecasts for the three-year period were also revised. "We continue to like the Wheaton Precious Metals story, and believe that on current multiples of 20.3x 2026E EBITDA, particularly when compared with its history, and considering the compelling, and what we think is low-risk, growth profile (28% volume growth out to 2028E versus 2026E, and 42% growth out to 2030E versus 2026E), we remain conviction buyers at current levels," the note added. Analysts reiterated their buy rating and price target of 117 pounds sterling on the London stock.