Ero Copper (NYSE: ERO) saw its stock rating downgraded from a "buy" to a "hold" by Wall Street Zen on Saturday. This move comes amid mixed signals from other analysts, with some upgrading the stock while others have downgraded it in recent months. Weiss Ratings, for instance, raised its rating to "buy (b)" earlier this month, while Bradesco Corretora and Freedom Broker lowered their ratings in September. Bank of America also upgraded Ero Copper to "buy" and raised its target price to $34.00 in July.
The stock opened at $34.09 on Friday, down 1.9% from the previous close. Ero Copper has a 50-day moving average of $36.17 and a 200-day moving average of $30.73. The company's market capitalization stands at $3.56 billion, with a P/E ratio of 12.28 and a P/E/G ratio of 0.27. The stock has a 52-week low of $19.09 and a high of $40.83.
Ero Copper reported strong earnings for the quarter ending in August, with $0.83 earnings per share, beating analyst estimates of $0.74. The company's revenue for the quarter was $284.30 million, also surpassing expectations. Institutional investors have shown significant interest, with major players like Impala Asset Management and Arrowstreet Capital increasing their stakes in the company.
Despite the recent downgrade, Ero Copper maintains a "Moderate Buy" rating from analysts, with an average price target of $32.33. The company's principal assets include the Caraíba Mining Complex in Brazil, which produces copper, and the NX Gold operation, which produces gold.