Wheaton Precious Metals captured investor attention earlier this year when shares surged to an all-time high of $165.76 on March 2, 2026, driven by record gold prices exceeding $4,000 per ounce. Since that peak, the stock has retreated roughly 34%, raising a natural question among precious metals investors: can WPM not only recover but push beyond its former highs to reach $175? Scotiabank, one of the most closely followed voices on the stock, maintains a $175 price target, while Jefferies holds a $177 target, making this level a widely discussed milestone on Wall Street.
Wheaton Precious Metals Corp. is the world's largest precious metals streaming company. Unlike traditional miners, Wheaton does not operate mines. Instead, it provides upfront financing to mining companies in exchange for the right to purchase a percentage of future metals production — primarily gold and silver — at deeply discounted, fixed prices. This streaming business model produces some of the highest cash operating margins in the industry, with Wheaton reporting a net margin of 65.55% in its most recent quarter. The company holds streaming agreements across 22 operating mines and 13 development-stage projects worldwide, with an average mine life of approximately 27 years.
The most powerful driver for WPM reaching $175 would be a sustained rally in gold and silver prices. Wheaton's CEO Randy Smallwood has publicly stated confidence that gold will exceed $5,000 per ounce within the next year. If gold prices continue their structural uptrend — supported by central bank buying, geopolitical uncertainty, and declining real interest rates — Wheaton's streaming model provides outsized leverage to metal prices without the operational cost inflation that squeezes traditional miners.
Equally important is Wheaton's production growth trajectory. The company guided for 860,000 to 940,000 gold equivalent ounces (GEOs) in 2026 and targets approximately 1.2 million GEOs by 2030 — roughly 40% to 50% growth. Key assets driving this expansion include the ramp-up at Blackwater, the Salobo III expansion in Brazil, and new streams such as Copper World, Platreef, and the recently acquired Antamina silver stream — the largest streaming transaction in history at $4.3 billion.
Wheaton's financial position also supports the bullish case. The company recently reported Q1 2026 earnings of $1.28 per share, beating consensus estimates, with revenue surging 91.7% year-over-year to $901.5 million. Operating cash flow reached a record $766 million, and the board raised the quarterly dividend by 18% to $0.195 per share.
Wall Street remains overwhelmingly constructive on WPM. Of 16 analysts covering the stock, 15 rate it a Buy or equivalent, with only one Hold rating. The consensus 12-month price target sits near $161, with individual targets ranging from Bank of America's $145 to BMO Capital Markets' ambitious $240. Scotiabank's $175 target and Jefferies' $177 target align closely with the $175 milestone examined here, implying roughly 60% upside from current levels.
However, several firms have trimmed their targets in recent months. UBS lowered its target from $165 to $150, RBC Capital reduced from $200 to $165, and Bank of America cut from $163 to $145. These adjustments reflect evolving views on near-term precious metals prices and sector-wide valuation resets rather than company-specific concerns, but they underscore that analyst optimism is not unconditional.
From a technical perspective, WPM faces a challenging near-term setup. The stock currently trades at $109.03, below both its 50-day moving average of approximately $122 and its 200-day moving average near $132. The 52-week low of $87.96 represents a critical support zone — a level that held during the recent pullback. On the upside, the $130–$135 zone, which encompasses the 200-day moving average and prior consolidation areas, represents the first major resistance cluster that bulls must reclaim before any attempt at $175 becomes credible. The all-time high near $166 serves as both a psychological barrier and the final technical hurdle before new highs.
Several obstacles stand between WPM and the $175 target. Commodity price risk remains paramount — any meaningful decline in gold or silver prices would directly compress Wheaton's revenue and earnings, given the company's high operational leverage to metals prices. While the streaming model insulates Wheaton from mining cost inflation, it cannot protect against falling metal prices.
Asset concentration represents another concern. The Salobo mine in Brazil accounts for approximately 38% of Wheaton's net asset value and EBITDA (earnings before interest, taxes, depreciation, and amortization). Any operational disruption at Salobo would have an outsized impact on results. Additionally, execution risk across the development pipeline — including potential delays at Blackwater, Copper World, or Platreef — could slow the production growth that underpins bullish price targets.
Valuation also warrants scrutiny. At roughly 27 times trailing earnings, WPM trades at a premium to the broader market, and some bearish analysts argue that much of the company's growth potential is already priced in. If precious metals prices stall or decline, multiple compression could offset operational progress.
Traders seeking to navigate WPM's volatility can benefit from tools like Tickeron's AI Daily Buy/Sell Signals. This platform uses artificial intelligence to continuously monitor thousands of stocks and ETFs, generating Buy, Sell, or Hold signals based on evolving market conditions, technical patterns, and AI-driven analysis. For a stock like Wheaton Precious Metals, where price action is heavily influenced by commodity markets and sector rotation, having real-time AI-generated signals can help traders identify shifts in trend before they become obvious. The system scans for opportunities across multiple timeframes, helping users monitor existing positions and spot emerging setups more efficiently.
The path to $175 for Wheaton Precious Metals is plausible but not straightforward. The company's streaming business model, record financial performance, expanding production profile, and exposure to structurally supportive precious metals markets provide a solid foundation for further price appreciation. The average analyst target of $161 and bullish targets from Scotiabank and Jefferies in the $175–$177 range indicate that Wall Street views this level as achievable under favorable conditions.
However, reaching $175 would likely require a combination of sustained gold prices above $4,000 per ounce, successful execution across Wheaton's development pipeline, and a broader market environment supportive of precious metals equities. Investors should monitor quarterly production numbers, progress at key development assets, and gold price trends as the primary signposts for whether WPM can reclaim and surpass its former highs. With Q2 2026 earnings scheduled for August 6, the next checkpoint arrives quickly.
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
A.I.dvisor indicates that over the last year, WPM has been closely correlated with AEM. These tickers have moved in lockstep 92% of the time. This A.I.-generated data suggests there is a high statistical probability that if WPM jumps, then AEM could also see price increases.
| Ticker / NAME | Correlation To WPM | 1D Price Change % |
|---|---|---|
| WPM | 100% | +0.35% |
| WPM (39 stocks) | 93% Closely correlated | +0.83% |
| Precious Metals (53 stocks) | 92% Closely correlated | +0.69% |
| Non Energy Minerals (150 stocks) | 16% Poorly correlated | -0.33% |