The Goldman Sachs Group Downgrades Ero Copper (TSE:ERO) to Hold

Key Points

• The Goldman Sachs Group downgraded Ero Copper from "strong-buy" to "hold" and set a C$31 price objective, implying roughly a 25% downside from the prior close.
• Analyst coverage is mixed but leans positive: the consensus is a Moderate Buy with an average target of C$43.75 (2 Strong Buy, 4 Buy, 10 Hold).
• Ero reported quarterly EPS of C$1.43 and revenue of C$430.2M with a 33.5% net margin; the stock opened down about 6.6% at C$41.35 and has a market cap of C$4.31 billion.

Ero Copper (TSE:ERO - Get Free Report) was downgraded by research analysts at The Goldman Sachs Group from a "strong-buy" rating to a "hold" rating in a report issued on Monday, Marketbeat.com reports. They currently have a C$31.00 price objective on the stock. The Goldman Sachs Group's price target points to a potential downside of 25.03% from the stock's previous close.

Other research analysts have also issued research reports about the stock. Freedom Capital upgraded shares of Ero Copper to a "strong-buy" rating in a report on Tuesday, December 30th. ATB Cormark Capital Markets raised their price target on shares of Ero Copper from C$37.00 to C$50.00 and gave the stock a "moderate buy" rating in a report on Friday, February 6th. TD Securities raised their price target on shares of Ero Copper from C$33.00 to C$45.00 in a report on Thursday, January 22nd. National Bank Financial lowered their price target on shares of Ero Copper from C$56.00 to C$53.50 and set a "sector perform" rating for the company in a report on Wednesday, February 25th. Finally, Raymond James Financial lowered shares of Ero Copper from a "buy" rating to a "hold" rating and lowered their price target for the stock from C$49.00 to C$45.00 in a report on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of C$43.75.

Ero Copper Stock Down 6.6%

Shares of TSE ERO opened at C$41.35 on Monday. The company has a 50 day simple moving average of C$40.02 and a 200 day simple moving average of C$36.96. The firm has a market cap of C$4.31 billion, a PE ratio of 16.34, a price-to-earnings-growth ratio of -0.72 and a beta of 1.93. Ero Copper has a 1 year low of C$14.35 and a 1 year high of C$53.69. The company has a debt-to-equity ratio of 67.59, a current ratio of 1.06 and a quick ratio of 1.43.

Ero Copper (TSE:ERO - Get Free Report) last issued its quarterly earnings data on Thursday, March 5th. The company reported C$1.43 earnings per share (EPS) for the quarter. The business had revenue of C$430.18 million during the quarter. Ero Copper had a net margin of 33.50% and a return on equity of 31.58%. On average, research analysts forecast that Ero Copper will post 4.7442244 EPS for the current year.

Insider Transactions at Ero Copper

In other Ero Copper news, Director John H. Wright sold 15,000 shares of the firm's stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of C$52.11, for a total transaction of C$781,650.00. Following the completion of the transaction, the director owned 377,832 shares in the company, valued at approximately C$19,688,825.52. This trade represents a 3.82% decrease in their position. Insiders own 10.37% of the company's stock.

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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