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ERO · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Ero Copper Corp. (ERO) stock moving?
Ero Copper's recent news is positive. Its Q3 2026 results beat estimates, with adjusted EPS of $1.22 against $1.15 expected and sales of $348.0M against $346.15M. Scotiabank then upgraded the stock to Sector Outperform on Nov 3, while trimming its price target to 53 from 55. The shares rose 4.4% that day to 30.44 on heavier trading. Price action since then has been volatile and not clearly one-directional. The stock fell 8.9% on Nov 5 to 28.09 on 2.94M shares, the highest volume in the 30-day window, and no news item in the set explains that drop. It recovered 8.5% to 31.32 on Nov 9 and closed at 30.67 on Nov 10, with VWAP near 30.52. Over the 30 trading days the stock traded between 28.09 and 32.52. Earnings and the upgrade support the fundamental case, but the unexplained selloff and the sideways trading argue for caution in the near term.
News behind the analysis
- Scotiabank Upgrades Ero Copper to Sector OutperformScotiabank upgraded Ero Copper from Sector Perform to Sector Outperform and adjusted its price target, which the headline gives as a cut to 53 from 55.
- Ero Copper Corp. Reports Third Quarter 2026 Financial and Operating ResultsEro Copper reported financial and operating results for the three and nine months ended September 30, 2026, with revenue of $348.0 million. The release is titled as a record third quarter.
- Ero Copper Q3 Adj. EPS $1.22 Beats $1.15 Estimate, Sales $348.000M Beat $346.150M EstimateEro Copper's third-quarter adjusted EPS of $1.22 beat the $1.15 consensus estimate, and sales of $348.0M beat the $346.15M estimate.
About Ero Copper Corp.
Ero Copper is a Vancouver-based mining company whose mines are all in Brazil. It runs two copper operations, Caraíba in Bahia State and the newer Tucumã mine in Pará State, plus the Xavantina gold mine, and it is listed on both the TSX and the NYSE.
How it makes money
It makes its money selling copper concentrate from Caraíba and Tucumã, which brings in most of its revenue, and gold from Xavantina. The company expects about 67,500–77,500 tonnes of copper in 2026 and roughly 75,000–80,000 ounces of gold. Revenue for the first nine months of 2026 was about $896 million, up from about $466 million a year earlier, helped by more copper output and higher copper prices.
What usually moves ERO
- Copper and gold prices
- Ramp-up of the Tucumã mine and ore grades at Caraíba
- Cash costs per pound and inflation
- Brazilian real exchange rate
- Progress on growth projects like Furnas and the Caraíba shaft