Ero Copper (TSE:ERO) Price Target Raised to C$56.00

Key Points

• CIBC raised Ero Copper’s price target to C$56 from C$52, implying approximately 9% upside from the stock’s current price.
• Analyst sentiment remains positive overall, with MarketBeat reporting a consensus rating of “Moderate Buy” and an average price target of C$48.33, despite some mixed recommendations.
• Ero Copper shares fell 2.1% to C$51.36 in Wednesday trading. The company recently reported C$1.18 in quarterly EPS and C$403.95 million in revenue, while operating copper and gold assets in Brazil.

Ero Copper (TSE:ERO - Get Free Report) had its target price increased by investment analysts at Canadian Imperial Bank of Commerce from C$52.00 to C$56.00 in a note issued to investors on Wednesday, BayStreet reports. Canadian Imperial Bank of Commerce's target price would suggest a potential upside of 9.03% from the stock's current price.

Several other research firms have also recently weighed in on ERO. Royal Bank Of Canada boosted their price target on shares of Ero Copper from C$52.00 to C$53.00 in a report on Tuesday, July 21st. BMO Capital Markets reiterated an "outperform" rating and issued a C$52.00 price objective on shares of Ero Copper in a research note on Monday. The rating follows a visit to ERO Copper’s operations after the company’s investor day. Matthew Murphy noted progress across the company’s assets. Bank of America upgraded Ero Copper from a "neutral" rating to a "buy" rating and boosted their target price for the company from C$41.00 to C$49.00 in a research note on Thursday, July 16th. Freedom Broker downgraded Ero Copper from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 3rd. Finally, Scotiabank lifted their price objective on Ero Copper from C$50.00 to C$55.00 and gave the stock a "sector outperform" rating in a report on Monday, June 15th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of C$48.33.

Ero Copper Stock Down 2.1%

ERO stock traded down C$1.11 during midday trading on Wednesday, reaching C$51.36. 203,566 shares of the company's stock traded hands, compared to its average volume of 492,732. Ero Copper has a 52 week low of C$24.76 and a 52 week high of C$56.62. The company has a market cap of C$5.36 billion, a price-to-earnings ratio of 17.41, a P/E/G ratio of -0.72 and a beta of 1.87. The firm's fifty day moving average price is C$45.58 and its 200-day moving average price is C$40.89. The company has a quick ratio of 1.43, a current ratio of 1.37 and a debt-to-equity ratio of 47.25.

Ero Copper (TSE:ERO - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported C$1.18 earnings per share for the quarter. The company had revenue of C$403.95 million for the quarter. Ero Copper had a return on equity of 30.09% and a net margin of 29.72%. As a group, sell-side analysts forecast that Ero Copper will post 4.7442244 earnings per share for the current fiscal year.

Ero Copper Company Profile

Ero is a Brazil -focused, growth-oriented mining company with a diversified portfolio of copper and gold assets. Headquartered in Vancouver, B.C., the Company operates two copper mines - the Caraíba Operations in Bahia State and the Tucumã Operation in Pará State - as well as the Xavantina Operations, a producing gold mine in Mato Grosso State. In addition to its operating assets, Ero is advancing the Furnas Copper-Gold Project, located in the mineral-rich Carajás Province in Pará State, through a definitive earn-in agreement with Vale Base Metals to acquire a 60% interest in the project.

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