Ero Copper (NYSE:ERO) Rating Increased to Buy at Bank of America

Key Points

• Bank of America upgraded Ero Copper from neutral to buy and raised its price target to $34 from $30, implying about 34% upside from the current price.
• Analyst sentiment is mixed overall, but the stock currently carries a Moderate Buy consensus with an average target price of $32.33.
• Ero Copper recently reported better-than-expected quarterly results, including EPS of $0.69 versus estimates of $0.56 and revenue of $263.2 million versus expectations of $245.5 million.

Ero Copper (NYSE:ERO - Get Free Report) was upgraded by stock analysts at Bank of America from a "neutral" rating to a "buy" rating in a research note issued on Thursday,Benzinga reports. The firm presently has a $34.00 price target on the stock, up from their prior price target of $30.00. Bank of America's price objective points to a potential upside of 34.34% from the stock's current price.

Several other equities research analysts have also recently issued reports on ERO. Jefferies Financial Group reiterated a "hold" rating on shares of Ero Copper in a research note on Monday, July 6th. The Goldman Sachs Group lowered shares of Ero Copper from a "buy" rating to a "neutral" rating and decreased their target price for the company from $33.00 to $31.00 in a report on Tuesday, April 14th. National Bank Financial raised shares of Ero Copper from a "sector perform" rating to an "outperform" rating in a report on Tuesday, May 5th. Wall Street Zen cut shares of Ero Copper from a "buy" rating to a "hold" rating in a research note on Sunday. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Ero Copper in a research report on Thursday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $32.33.

Ero Copper Trading Down 2.2%

Shares of NYSE:ERO opened at $25.31 on Thursday. The stock has a market cap of $2.64 billion, a PE ratio of 9.01 and a beta of 1.20. The company has a quick ratio of 0.81, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. Ero Copper has a 12-month low of $12.79 and a 12-month high of $39.80. The business has a 50 day moving average of $27.81 and a 200-day moving average of $28.91.

Ero Copper (NYSE:ERO - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.13. The firm had revenue of $263.20 million for the quarter, compared to analyst estimates of $245.51 million. Ero Copper had a return on equity of 27.33% and a net margin of 31.63%. As a group, equities research analysts forecast that Ero Copper will post 4.06 earnings per share for the current year.

Institutional Trading of Ero Copper

Several hedge funds and other institutional investors have recently made changes to their positions in the company. FNY Investment Advisers LLC acquired a new stake in Ero Copper during the 4th quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd bought a new position in Ero Copper during the 4th quarter worth $38,000. Kestra Advisory Services LLC bought a new position in Ero Copper during the 4th quarter worth $56,000. Banque Cantonale Vaudoise acquired a new position in Ero Copper during the 3rd quarter worth about $111,000. Finally, SG Americas Securities LLC bought a new stake in shares of Ero Copper in the 4th quarter valued at about $115,000. 71.30% of the stock is currently owned by institutional investors.

Ero Copper Company Profile

Ero Copper Corp NYSE: ERO is a Canada-based natural resource company focused on the production of copper concentrate from its Brazilian operations. The company’s flagship asset is the Vale do Curaçá mining complex in the state of Bahia, which includes multiple underground mines and a centralized processing facility. Ero Copper’s primary product is copper concentrate, which is sold to smelters and end users around the world.

The Vale do Curaçá complex comprises the Pilar and Surubim underground mines, supported by a fully integrated processing plant.

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