The Globe and Mail reports in its Friday edition that National Bank's Shane Nagle has cut his recommendation for Wheaton Precious Metals to "sector perform" from "outperform." The Globe's David Leeder writes that Mr. Nagle trimmed his share target by $7 to $68. Analysts on average target the shares at $78.66. Despite expecting Wheaton Precious to enjoy a "stronger end" to 2023, Mr. Nagle issued his downgrade citing "a more conservative growth outlook." He says Wheaton's production guidance from 2024 and the next five years fell short of expectations. He says, "That said, the company maintains a stable financial position and portfolio of high-quality, low-cost long-life assets." Wheaton is expecting 2024 output of 550,000 to 660,000 gold equivalent ounces in 2024, prompting Mr. Nagle to drop his forecast to 588,579 GEOs from his previous estimate of 725,645 GEOs. His 2028 projection fell to 850,000 GEOs from 897,500 GEOs in response to the company's 800,000 GEOs guidance, while his estimate for 2029-2033 remains 875,000 GEOs (versus guidance of 850,000 GEOs). Mr. Nagle adds, "The result is a five- and 10-year production growth CAGR [compound annual growth rate] of 7.5 per cent and 4.3 per cent under our base case."