BMO Capital upgraded Ero Copper to Outperform from Market Perform with a price target of C$41, up from C$37. The stock has underperformed its closest peers over the past year, and the company is expected to have relatively low leverage to copper prices in the short term as it will not experience the same downside risk of falling copper prices, the analyst tells investors in a research note. BMO adds that potential nickel discoveries around the Curaca Valley were highly topical in the firm’s June 2023 investor meetings, and it has not included nickel in its estimates even as the opportunities for nickel discoveries continue to grow.
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