Wheaton Precious Metals (WPM.TO) retained its Outperform rating and C$105 price target, National Bank of Canada said in a Friday note after the company acquired a 6.7% gold stream on the Kurmuk Development Project.

The bank said its Outperform rating is predicated on Wheaton's "stable" financial position and "high-quality, low-cost" long-life asset portfolio.

The price target was derived using a weighted multiple of 2.30x NAV (33%) + 30.0x EV/2025E CF (33%) + 30.0x EV/2026E CF (33%).

"The company's valuation remains compelling relative to peers and in a challenging deal environment within the royalty/streaming sector, Wheaton's embedded organic growth supports an improved outlook with completion of Salobo Phase 3 as well as Blackwater, Goose, Platreef and Mineral Park reaching production throughout H1/25," the bank said.

Wheaton recently announced a US$175.0 million streaming transaction with Allied Gold (AAUC.TO) over the Kurmuk project in Ethiopia.

Wheaton's share price was trading 0.4% lower at last look to $87.85 on the TSX.