Ero Copper (TSE:ERO) Stock Gets Downgrade from Scotiabank

Key Points

• Scotiabank downgraded Ero Copper from “sector outperform” to “sector perform,” while maintaining a C$55 price target, implying approximately 5.49% upside from the current price.
• Ero Copper shares fell 2.9% to C$52.14 during Tuesday trading. The stock remains near its 12-month high of C$56.62 and has a market capitalization of approximately C$5.44 billion.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of C$48.33; the company recently reported C$1.18 quarterly EPS and C$403.95 million in revenue.

Ero Copper (TSE:ERO - Get Free Report) was downgraded by Scotiabank from a "sector outperform" rating to a "sector perform" rating in a report released on Tuesday, BayStreet reports. They presently have a C$55.00 price objective on the stock. Scotiabank's price target indicates a potential upside of 5.49% from the company's current price.

ERO has been the subject of several other reports. Stifel Nicolaus increased their target price on Ero Copper from C$52.00 to C$53.00 and gave the company a "hold" rating in a report on Tuesday, July 21st. Royal Bank Of Canada lifted their price target on Ero Copper from C$52.00 to C$53.00 in a research note on Tuesday, July 21st. Jefferies Financial Group lowered their price objective on Ero Copper from C$42.00 to C$39.00 in a research report on Monday, July 13th. Canadian Imperial Bank of Commerce increased their price objective on Ero Copper from C$52.00 to C$56.00 in a research note on Wednesday, September 23rd. Finally, BMO Capital Markets reissued an "outperform" rating and set a C$52.00 price objective on shares of Ero Copper in a research note on Monday, September 21st. 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. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, Ero Copper currently has a consensus rating of "Moderate Buy" and an average price target of C$48.33.

Ero Copper Trading Down 2.9%

Ero Copper stock traded down C$1.53 during mid-day trading on Tuesday, hitting C$52.14. The company's stock had a trading volume of 252,200 shares, compared to its average volume of 484,991. The business has a 50 day moving average price of C$50.16 and a 200-day moving average price of C$42.54. The company has a debt-to-equity ratio of 47.25, a current ratio of 1.37 and a quick ratio of 1.43. Ero Copper has a 12 month low of C$27.22 and a 12 month high of C$56.62. The stock has a market cap of C$5.44 billion, a price-to-earnings ratio of 17.67, a price-to-earnings-growth ratio of -0.72 and a beta of 1.58.

Ero Copper (TSE:ERO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported C$1.18 earnings per share (EPS) for the quarter. The firm 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, analysts forecast that Ero Copper will post 4.74 EPS for the current year.

About Ero Copper

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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