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
|Oct 2015||Barclays||Initiates Coverage on||Overweight|
|Sep 2015||BMO Capital||Downgrades||Market Perform|
|Jul 2015||RBC Capital||Maintains||Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.