UPDATE: Credit Suisse Upgrades Silver Wheaton to Outperform on Gold Exposure Increase
Credit Suisse upgraded Silver Wheaton (NYSE: SLW) from Neutral to Outperform and raised the price target from $47.00 to $49.00.
Credit Suisse noted, "SLW announced a binding term sheet to acquire two gold streams from Vale. … Doubling down on gold exposure. SLW estimates revenues generated from gold over the next five years will increase from ~12% to a peak of ~25%. … Recent underperformance in the shares vs. silver price (-9% on 3Mth basis) provides a compelling entry point in the shares given our view that SLW warrants a premium valuation due to its above average growth profile, fixed-cost structure, and strong liquidity position."
Silver Wheaton closed at $36.79 on Wednesday.
Latest Ratings for SLW
|Jul 2014||Salman Partners||Upgrades||Buy|
|May 2014||Morgan Stanley||Initiates Coverage on||Equalweight|
|Apr 2014||Salman Partners||Reinstates||Buy|
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