Ero Copper (TSE:ERO) Stock Rating Upgraded by Bank of America

Key Points

• Bank of America upgraded Ero Copper from neutral to buy and raised its price target to C$49 from C$41, implying about 43.6% upside from the current price.
• Other analysts have been mixed: several recently raised or lowered their targets, and MarketBeat says Ero Copper now has a Moderate Buy consensus with an average target price of C$45.86.
• The stock traded down to C$34.12 on Thursday, while a company director also sold 10,000 shares in a recent insider transaction.

Ero Copper (TSE:ERO - Get Free Report) was upgraded by equities researchers at Bank of America from a "neutral" rating to a "buy" rating in a report issued on Thursday,BayStreet.CA reports. The firm currently has a C$49.00 target price on the stock, up from their previous target price of C$41.00. Bank of America's target price would indicate a potential upside of 43.61% from the stock's current price.

Several other equities analysts have also recently weighed in on ERO. BMO Capital Markets lifted their price objective on Ero Copper from C$42.00 to C$48.00 in a report on Wednesday, April 22nd. TD dropped their price target on Ero Copper from C$47.00 to C$44.00 and set a "hold" rating for the company in a research note on Tuesday. National Bank Financial upgraded shares of Ero Copper from a "hold" rating to a "strong-buy" rating and set a C$50.00 price objective on the stock in a research note on Tuesday, May 5th. The Goldman Sachs Group cut shares of Ero Copper from a "buy" rating to a "hold" rating and set a C$31.00 target price for the company. in a research report on Monday, April 13th. Finally, Jefferies Financial Group reduced their price target on shares of Ero Copper from C$42.00 to C$39.00 in a research report on Monday. Three analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, Ero Copper currently has an average rating of "Moderate Buy" and a consensus target price of C$45.86.

Ero Copper Stock Performance

Shares of TSE:ERO traded down C$1.44 on Thursday, reaching C$34.12. 291,790 shares of the company's stock were exchanged, compared to its average volume of 516,116. Ero Copper has a twelve month low of C$17.66 and a twelve month high of C$53.69. The company has a fifty day moving average of C$38.92 and a 200-day moving average of C$39.94. The company has a market capitalization of C$3.56 billion, a price-to-earnings ratio of 12.19, a PEG ratio of -0.72 and a beta of 1.78. The company has a current ratio of 1.30, a quick ratio of 1.43 and a debt-to-equity ratio of 54.96.

Insider Buying and Selling

In other Ero Copper news, Director Lyle Braaten sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of C$41.80, for a total value of C$418,000.00. Following the sale, the director owned 200,000 shares in the company, valued at C$8,360,000. This trade represents a 4.76% decrease in their ownership of the stock. 10.37% of the stock is currently owned by insiders.

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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