Ero Copper (TSE:ERO) Share Price Breaks Above Two Hundred Day Moving Average Following Analyst Downgrade

Key Points

• Ero Copper shares rose above their 200-day moving average of C$42.63, reaching C$44.17 before last trading at C$43.04.
• Scotiabank upgraded the stock from Hold to Strong Buy, while other analysts raised price targets; MarketBeat’s consensus rating is Moderate Buy with an average target of C$49.27.
• The company reported quarterly EPS of C$1.74 and revenue of C$495.47 million; analysts expect full-year EPS of C$4.74.

Shares of Ero Copper Corp. (TSE:ERO - Get Free Report) crossed above its two hundred day moving average during trading on Wednesday after Scotiabank upgraded the stock from a hold rating to a strong-buy rating. The stock has a two hundred day moving average of C$42.63 and traded as high as C$44.17. Ero Copper shares last traded at C$43.04, with a volume of 629,480 shares trading hands.

Several other research analysts have also issued reports on ERO. Canadian Imperial Bank of Commerce lifted their price target on shares of Ero Copper from C$52.00 to C$56.00 in a research report on Wednesday, September 23rd. BMO Capital Markets reiterated an "outperform" rating and set a C$52.00 price objective on shares of Ero Copper in a research report 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. National Bank Financial raised their price objective on Ero Copper from C$52.50 to C$55.00 and gave the stock an "outperform" rating in a research note on Monday, September 21st. ATB Cormark Capital Markets raised their price objective on Ero Copper from C$50.00 to C$55.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 14th. Finally, Freedom Broker cut Ero Copper from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, Ero Copper currently has an average rating of "Moderate Buy" and an average target price of C$49.27.

Ero Copper Stock Performance

The company has a current ratio of 1.38, a quick ratio of 1.43 and a debt-to-equity ratio of 36.62. The stock has a market capitalization of C$4.49 billion, a PE ratio of 14.59, a PEG ratio of -0.72 and a beta of 1.58. The firm's 50-day simple moving average is C$49.03 and its two-hundred day simple moving average is C$42.63.

Ero Copper (TSE:ERO - Get Free Report) last released its earnings results on Monday, November 2nd. The company reported C$1.74 earnings per share (EPS) for the quarter. The company had revenue of C$495.47 million during the quarter. Ero Copper had a return on equity of 34.30% and a net margin of 32.14%. On average, equities research analysts expect that Ero Copper Corp. will post 4.74 earnings per share for the current fiscal 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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