Wheaton Precious Metals (WPM.TO) has kept its stock ratings and price targets at RBC Capital Markets and National Bank of Canada, according to notes published Thursday.

RBC maintained Wheaton's Sector Perform rating and US$75 price target after the company reported "neutral" results in the fourth quarter of 2024, including adjusted earnings per share of US$0.44 that beat RBC's forecast of US$0.42, while FCF was a higher $204m (RBC estimated $33m, $130m was the consensus), due to timing of capital spending. RBC noted earnings included a $109m impairment related to Voisey's Bay due to lower cobalt prices.

Wheaton also announced a 6.5% dividend hike to $0.165 per share.

National Bank retained Wheaton's C$115.0 price target and Outperform rating.

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

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

"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 was trading 0.9% higher at last look Friday to $105.98 on the TSX.