Wheaton Precious Metals: A 6% Three-Month Gain and Fresh Momentum After Bullish Upgrade

Wheaton Precious Metals has advanced over 6% in the past 90 days, with a major analyst upgrade sending shares sharply higher. Is this the start of a new gold rush for shareholders?

Wheaton Precious Metals has continued to glitter for investors, climbing around 6.5% over the last three months. The stock, which trades under the ISIN CA9628791027, hit new multi-year highs in recent weeks, reflecting both broader optimism in the gold market and company-specific catalysts. But is this just a cool-down before the next surge—or the sign of a larger, more sustainable rally for this precious metals heavyweight?

The recent performance is impressive when set against a turbulent backdrop for global equities. Since early September, Wheaton Precious Metals shares have steadily edged higher. After a mild lull in October, fueled by mixed signals from commodity prices, the stock found renewed vigor. The catalyst? A major upgrade. On December 10th, RBC Capital Markets lifted its view on the company from 'Sector Perform' to 'Outperform' and sharply increased its price target from USD 115 to USD 130. Shares responded instantly, surging nearly 3% on the day and continuing an upward trend that had already delivered a near 30% return in just six months.

This bullish momentum wasn’t fuelled solely by analyst optimism. On November 27, Wheaton Precious Metals completed and closed a substantial USD 300 million gold stream deal to support the acquisition of the Hemlo Gold Mine. It’s the latest in a series of strategic moves expanding Wheaton’s footprint in the goldmine streaming sector. By leveraging its unique streaming model—providing upfront capital to mine operators in exchange for a share of future production at discounted rates—the corporation has built up a robust portfolio spanning 35 streaming and five royalty agreements across key regions and multiple metals, including gold, silver, and to a lesser degree, cobalt and platinum.

The bullish vibes have been echoed by other analysts as well. Earlier in December, UBS adjusted their price target, affirming a 'Neutral' stance but nudging expectations upward. Meanwhile, investors poured over Wheaton’s Q3 results, which showed record revenue, earnings, and cash flow for the first nine months of 2025. Management underscored operational resilience, a sturdy balance sheet (with net cash), and optimism about continued margin strength.

Running through the numbers, Wheaton Precious Metals boasts a market cap north of 51 billion dollars, a forward price/earnings ratio near 40 for 2025, and a modest—yet growing—yield around 0.6%. The shares enjoy a near-perfect free float and are included in major gold mining ETFs, underlining their status as a sector bellwether. The current analyst consensus remains 'Buy,' with an average target price nearly 22% above last close, highlighting real conviction among market watchers.

Diving deeper into the business model: Wheaton Precious Metals doesn’t operate mines directly. Instead, it acts as a financier and off-take partner, partnering with miners ranging from global giants to emerging juniors. This asset-light approach shields the company from direct operational risk, yet offers strong exposure to the upside of underlying commodity prices and production growth. Recent years have seen Wheaton make significant deals in Canada, Latin America, and Africa, broadening its reach beyond traditional gold and silver production into new, high-potential regions and assets. The November Hemlo Gold Stream is only the latest example.

Of course, there are risks investors must weigh: revenue growth is ultimately tied to mining partners' performance, project delays, geopolitical risks, and commodity price swings cannot be fully insulated. Still, with a deep deal pipeline and a global portfolio of over 35 streaming agreements—among them interests in Salobo, Penasquito, and Blackwater—Wheaton Precious Metals has built resilience into its DNA. Razor-sharp cost controls and a disciplined acquisition strategy have protected margins and may allow more upside if gold prices continue to strengthen.

Looking ahead, market watchers will be keenly focused on the Q4 results, projected for March 11, 2026, and any further strategic deals. Wheaton Precious Metals stands well-positioned, thanks to its streaming model, clear expansion strategy, and solid financials. After the recent upgrade and strong results, the story seems far from over. For investors tracking the intersection of goldmine assets, innovative finance, and sector-leading shares, Wheaton offers a compelling narrative—and more than a hint of momentum heading into the new year.