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UPDATE: Credit Suisse Upgrades Silver Wheaton to Outperform on Gold Exposure Increase

Related SLW
No Bottom in Sight for Silver ETFs
Gold Continues To Move Lower

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.

Posted-In: Credit SuisseAnalyst Color Upgrades Analyst Ratings

 

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