Analyst upgrades Silver Wheaton on production rise

Shares of Silver Wheaton Corp., which acquires mineral properties, rose Monday as an analyst upgraded the Canadian company on rising silver production.

Analyst Michael D. Curran of RBC Capital Markets upgraded the Vancouver, British Columbia, company to "Outperform" from "Sector Perform."

"In our view, Silver Wheaton shares are likely to be re-rated to higher trading multiples, as silver production increases with the start up of new silver mines, and the company becomes the largest silver producer by the end of 2010," he said.

Silver output is set to double to 32 million ounces between this year and 2012, he said.

Silver Wheaton's growth is expected to be above average relative to its peer group in the coming years, Curran said.

Shares increased 54 cents, or 3 percent, to $16.13 in afternoon trading.