UPDATE: Scotia Capital Markets Raises PT to $50 on Silver Wheaton Corp; Solid Q1

Scotia Capital Markets raises its price target on Silver Wheaton Corp

from $47 to $50. Scotia Capital Markets notes, "Silver Wheaton reported Q1/12 adjusted EPS of $0.41, slightly ahead of our estimate of $0.39 and in line with consensus. Silver Wheaton also declared a quarterly dividend of $0.09 per share. …We adjusted our valuation for the quarter and to reflect the slow pace of permitting at the Rosemont project in Arizona (now modelled to start in 2015). As a result our valuation decreased 1% and we scaled back our target multiple to 1.82x." SLW closed at $24.40 on Tuesday.