Ero Copper (TSE:ERO) Cut to Neutral at CIBC

Key Points

• Ero Copper has been downgraded by CIBC from an "outperform" rating to a "neutral" rating, with a revised price target set at C$37.00, indicating a potential upside of 24.04% from its current price.
• Other brokerages have varied ratings on Ero Copper, with BMO Capital Markets rating it "outperform" and raising its target price to C$27.00, while National Bank Financial downgraded it from "strong-buy" to "hold."
• The stock closed at C$29.83 with a market cap of C$3.09 billion, showing a significant trading volume of 426,287 shares, over its average of 369,823 shares.

Ero Copper (TSE:ERO - Get Free Report) was downgraded by equities researchers at CIBC from an "outperform" rating to a "neutral" rating in a research report issued to clients and investors on Friday,BayStreet.CA reports. They presently have a C$37.00 price target on the stock, up from their prior price target of C$22.50. CIBC's price objective points to a potential upside of 24.04% from the company's current price.

A number of other brokerages have also recently issued reports on ERO. BMO Capital Markets increased their target price on shares of Ero Copper from C$24.00 to C$27.00 and gave the company an "outperform" rating in a report on Friday, July 4th. Raymond James Financial raised shares of Ero Copper to a "moderate buy" rating in a research note on Monday, June 30th. Stifel Canada raised shares of Ero Copper to a "strong-buy" rating in a research note on Tuesday, July 8th. National Bank Financial cut shares of Ero Copper from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Finally, Scotiabank raised their price objective on shares of Ero Copper from C$24.00 to C$26.00 in a research note on Monday, June 16th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of C$28.33.

Ero Copper Stock Performance

Shares of ERO stock traded down C$1.83 on Friday, reaching C$29.83. The stock had a trading volume of 426,287 shares, compared to its average volume of 369,823. Ero Copper has a 1 year low of C$13.17 and a 1 year high of C$33.50. The company has a debt-to-equity ratio of 83.17, a quick ratio of 1.43 and a current ratio of 0.68. The stock has a market cap of C$3.09 billion, a P/E ratio of 21.62, a price-to-earnings-growth ratio of -0.72 and a beta of 1.52. The company has a 50 day simple moving average of C$22.57 and a 200 day simple moving average of C$20.22.

Ero Copper Company Profile

Ero Copper Corp is a base metals mining company. It is focused on the production and sale of copper from the Vale do Curaca Property in Brazil, with gold and silver produced and sold as by-products from the same. Ero's operations are segmented between MCSA, NX Gold, and corporate. Ore is processed using conventional crushing and flotation at the Caraiba Mill, located adjacent to the Pilar underground mine.

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