Ero Copper: Solid Execution, Cost Discipline, and Deleveraging-Driven Growth Support Buy Rating and Upside to C$52 Target

BMO Capital analyst Matt Murphy reiterated a Buy rating on Ero Copper yesterday and set a price target of C$52.00.

Matt Murphy has given his Buy rating due to a combination of factors including solid operational execution and in-line financial performance. Ero Copper’s Q4 results closely matched both his and consensus expectations on EBITDA, earnings, and cash flow, while unit costs across key assets stayed within forecasted ranges, supporting confidence in the company’s cost profile and balance sheet.

He also sees attractive upside from the company’s growth and deleveraging story, noting that 2026 production is set to be second-half weighted as new sequencing, throughput gains, and infrastructure upgrades take effect. Combined with high-grade, high-return assets and a valuation based on premium P/NAV and EV/EBITDA multiples that still implies further appreciation, these dynamics underpin his C$52 target price and Outperform recommendation on ERO shares.

In another report released on February 26, Scotiabank also maintained a Buy rating on the stock with a C$50.00 price target.

Based on the recent corporate insider activity of 87 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ERO in relation to earlier this year.