06:48 AM EDT, 05/11/2026 (MT Newswires) -- Berenberg increased its price target for Wheaton Precious Metals (WPM.L) after stronger-than-expected production and metals prices drove record revenue, earnings, and cash flows in the first quarter.

The precious metals streaming company's record revenue, adjusted net earnings, and adjusted EPS of $901 million, $583 million, and $1.28, respectively, exceeded the research firm's expectations of $685 million, $445 million, and $0.98, according to a Monday report.

"Production guidance for 2026 was reiterated and, following a strong Q1, we reiterate our expectation for the company to deliver at the upper-end of the guidance range of 860-940 [thousand ounces] (we estimate 925koz); we also highlight the company's compelling c40% growth in volumes that we forecast over FY26-FY30E, with existing streams and project ramp-ups expected to deliver 1,200koz of gold-equivalent production by 2030,"analysts said, tweaking their volume estimates.

The price target was increased to 117 pounds sterling from 112 pounds, with an unchanged buy rating.