Ero Copper upgraded at Scotiabank after ‘surprise gold windfall’

Scotiabank upgraded Ero Copper (ERO) to Outperform from Sector Perform with a price target of C$36, up from C$33. Although Ero reported weaker than forecast Q3 results and warned that 2025 guidance was trending to the low end of its view, the company also disclosed updated Xavantina reserves and a new gold concentrate stockpile to be monetized shortly in what the firm calls a “surprise gold windfall.”