The downgrade of Silver Wheaton (NYSE:SLW) by GMP wasn't too convincing, and investors ignored the change, as the silver royalty company continues on its upward run.
That's not to say Silver Wheaton won't correct and/or slow down, as they're up almost 50 percent in about three months. No stock can move at that pace without pulling back.
Underlying fundamentals for silver are too strong to have a company with a business model like Silver Wheaton downgraded in this economic environment.
Either way, GMP dropped them from a "Buy" to a "Hold," obviously on valuation.
Silver Wheaton closed Thursday at $27.84, gaining $0.36, or 1.31 percent. GMP lowered their price target from $28.50 to $25 on the company.
No comments:
Post a Comment