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On Wednesday, TD Securities shifted its stance on ERO Copper Corp (ERO:CN) (OTC: ERRPF), raising the stock rating from Hold to Buy, while adjusting the price target to Cdn$23.00, down from the previous Cdn$26.00. The upgrade reflects a change in sentiment based on the company’s current share price and its future growth prospects.
TD Securities believes that the concerns previously held about ERO Copper’s 2025 guidance have now been priced into the stock. The firm’s analysts are optimistic about the company’s growth trajectory, citing a forecast for a substantial year-over-year increase in copper production.
The analysts at TD Securities anticipate a significant turnaround in free cash flow (FCF) starting in the second quarter of 2025. They project a 95% year-over-year improvement in copper production for the current year, with expectations for continued growth into 2026.
The growth in production is expected to be supported by the ramp-up of operations at Tucumã and improvements in development rates at the Caraíba project. TD Securities’ outlook suggests that these factors will contribute positively to ERO Copper’s performance.
The upgrade from TD Securities arrives at a time when investors are closely monitoring the performance and prospects of mining companies, particularly in the copper sector. ERO Copper’s enhanced production capabilities and positive free cash flow projections have positioned the company as a more attractive investment according to TD Securities’ analysis.
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