Ero Copper downgraded to Hold at TD Securities on valuation

As previously reported, TD Securities analyst Craig Hutchison downgraded Ero Copper (ERO) to Hold from Buy with a price target of C$33, up from C$24. While the firm raised its price target to account for stronger copper and gold price forecasts, it views the shares as fully valued at this time and believes risks still remain surrounding the timing of Tucuma ramping up to full design capacity.