Raymond James raised the firm’s price target on Wheaton Precious Metals (WPM) to $75 from $74 and keeps an Outperform rating on the shares. Wheaton announced that it has entered a definitive Precious Metal Purchase Agreement with Montage Gold in respect to its Kone Gold Project located in Cote d’Ivoire, under which it will pay a total upfront cash consideration of $625M in four equal installment payments during construction subject to certain customary conditions, the analyst tells investors in a research note. The firm has a positive view of Wheaton’s high-quality and diversified asset base, high-margin and scalable business model.
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