TD Securities downgraded Wheaton Precious Metals to Hold from Buy with a price target of $51, down from $58. Wheaton is forecasting 2024 GEO production of 550,000-620,000 ozs, or 585,000 GEOs at the midpoint, which is “significantly below” the firm’s previous forecast of 660,000 GEOs. Based on 2024 guidance, the firm has elected to take a more conservative approach to its 2025 forecasts and reduced its target 2025 EBITDA multiple to reflect weaker GEO production forecasts for 2024 and 2025.
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