Ero Copper shares dropped 3.3% despite a Bank of America upgrade citing a 53% discount to peers on EV/EBITDA.
Ero Copper (ERO) declined 3.3% Thursday after Bank of America upgraded the stock to Buy from Neutral, highlighting a 53% discount to copper peers based on enterprise value-to-EBITDA. Analysts expect stronger output across operations in the second half of the year.
The stock trades at a significant valuation gap compared to sector peers, despite projected production improvements. Prior to the upgrade, Ero Copper had underperformed relative to copper price movements and broader mining equities.
No immediate market reaction details were provided beyond the price decline following the upgrade announcement.