Berenberg raises Wheaton Precious Metals stock price target on record Q2

Wheaton Precious Metals (WPM) reported record second-quarter earnings, with revenue surging 68% year-over-year to $503 million and operating cash flow increasing 77% to $415 million, significantly surpassing analyst expectations. This strong performance, attributed to higher production and realized prices, prompted Berenberg to raise its price target to C$78.00 and CFRA to C$158.00, both reiterating Buy ratings. The company maintained its 2025 production guidance, with analysts noting the potential for continued share price appreciation driven by anticipated volume growth through 2028.

Analysis

Wheaton Precious Metals (WPM) reported exceptionally strong second-quarter 2025 financial results, underscoring significant operational and financial momentum. The company posted record revenue of $503 million, a 68% year-over-year increase that surpassed analyst expectations by 14.76%, and an earnings per share of $0.63, which was 12.5% above forecasts. This performance was underpinned by a combination of higher production, sales volumes, and realized prices, leading to a 77% surge in operating cash flow to $415 million. The market and analysts responded positively, with the stock closing up 2.9% and trading near its 52-week high. In response to the results, both Berenberg and CFRA reiterated their Buy ratings while raising price targets to C$78.00 and C$158.00, respectively. Berenberg's analysis points to the company's projected 32% volume growth by 2028 as a key driver for continued share price appreciation, reinforcing the positive forward-looking outlook as WPM maintained its 2025 production guidance.

Key Decisions for Investors

• Given the powerful earnings beat, strong cash flow, and bullish analyst revisions, investors could view WPM as a core holding, with the projected 32% volume growth through 2028 serving as a clear long-term catalyst.
• While fundamentals are strong, the stock is trading near its 52-week high, which may warrant a cautious approach to entry points for new capital; the wide divergence in analyst price targets (C$78 vs C$158) also suggests investors should conduct their own valuation analysis.
• Investors should closely monitor the company's execution on its development streams and any updates to production guidance, as achieving the forecast volume growth is critical to the long-term investment thesis.