Upgrades - Argus upgraded BHP Group (BHP) to Buy from Hold with a price target of $68, citing firming prices for iron ore, copper, and coal as the global economy improves [1] Downgrades - Jefferies downgraded Mereo BioPharma (MREO) to Hold from Buy with a price target of $0.50, down from $7, due to Setrusumab missing primary endpoints in trials [2] - RBC Capital downgraded DigitalBridge (DBRG) to Sector Perform from Outperform with a price target of $16, down from $23, following SoftBank's acquisition announcement at $16 per share [3] Initiations - Stephens initiated coverage of Commvault (CVLT) with an Overweight rating and a $162 price target, highlighting its evolution in data protection and transition to Software-as-a-Service [4] - Stephens initiated coverage of Rubrik (RBRK) with an Overweight rating and a $105 price target, noting its attractive growth outlook in data protection and data security [4] - Stephens initiated coverage of Varonis (VRNS) with an Equal Weight rating and a $40 price target, emphasizing its growth potential in data security as a Software-as-a-Service platform [4] - Freedom Capital initiated coverage of Ero Copper (ERO) with a Buy rating and a $32 price target, citing its high-grade, low-cost asset portfolio in Brazil [4] - H.C. Wainwright initiated coverage of Terra Innovatum (NKLR) with a Buy rating and a $25 price target, believing its use of off-the-shelf components will reduce regulatory barriers [4]

Upgrades - Argus upgraded BHP Group (BHP) to Buy from Hold with a price target of $68, citing firming prices for iron ore, copper, and coal as the global economy improves [2] Downgrades - Jefferies downgraded Mereo BioPharma (MREO) to Hold from Buy with a price target of 50 cents, down from $7, due to Setrusumab missing primary endpoints in trials, impacting Mereo's future strategy [3] - RBC Capital downgraded DigitalBridge (DBRG) to Sector Perform from Outperform with a price target of $16, down from $23, following SoftBank's acquisition announcement at $16 per share, totaling a $4 billion enterprise value [4] Initiations - Stephens initiated coverage of Commvault (CVLT) with an Overweight rating and a $162 price target, highlighting its leadership in data protection and transition to Software-as-a-Service [5] - Stephens initiated coverage of Rubrik (RBRK) with an Overweight rating and a $105 price target, noting its strong growth outlook in data protection and expected margin expansion [5] - Stephens initiated coverage of Varonis (VRNS) with an Equal Weight rating and a $40 price target, emphasizing its growth potential in data security as a Software-as-a-Service platform [5] - Freedom Capital initiated coverage of Ero Copper (ERO) with a Buy rating and a $32 price target, pointing out its high-grade, low-cost assets in Brazil [5] - H.C. Wainwright initiated coverage of Terra Innovatum (NKLR) with a Buy rating and a $25 price target, believing its use of off-the-shelf components will lower regulatory and technological barriers [5]

Group 1 - Zijin Mining (02899) rose nearly 3% after announcing the completion of the main construction and core equipment installation for the second phase of the Xizang Julong Copper Mine, marking a key step before production [1] - Asia Pacific Satellite (01045) increased over 5.4%, with a cumulative rise of nearly 30% over the past five trading days, as it operates multiple satellites under China Satcom [1] - Zhaoyan New Drug (06127) fell over 6% following an announcement that its actual controller plans to reduce holdings by up to 14.98 million shares, representing 20.0466% of his holdings and 1.99873% of the company's total share capital [1] - Zhongwei New Materials (02579) surged nearly 7% after signing a strategic cooperation framework agreement with Xinwanda for solid-state batteries [1] Group 2 - Dongyue Group (00189) rose nearly 5% as the long-term contract prices for refrigerants were confirmed, with R32 priced at 61,200 yuan/ton (+1,000 yuan) and R410A at 55,100 yuan/ton (+1,900 yuan) [2] - MicroPort Scientific Corporation (02252) increased over 1.2%, reporting that its core products' cumulative order volume exceeded 230 units [2] - Oil stocks saw gains, with CNOOC (00883) up 4.17%, PetroChina (00857) up 2.91%, and Sinopec (00386) up 1.31%, driven by a rise in international crude oil prices due to geopolitical tensions [2] - Baidu Group (09888) rose nearly 7% after announcing a partnership with Uber and Lyft to launch a robotaxi pilot project in the UK by 2026 [2] Group 3 - NIO (09866) rose over 2.4% after announcing that it successfully delivered over 40,000 units of its new ES8 model within 100 days of the official delivery start [3] - Damai Entertainment (01060) increased nearly 5%, with the total box office for the 2025 New Year’s season reaching 5.245 billion yuan as of December 28 [3] Group 4 - Copper mining stocks collectively declined, with Hudbay Minerals (HBM.US) down 4.01%, Taseko Mines (TGB.US) down 3.1%, and Ero Copper (ERO.US) down 1.64%, as international copper futures fell over 4% [5] - Some cryptocurrency-related stocks fell, with IREN Ltd (IREN.US) down 2.21% and Circle (CRCL.US) down 0.94% [5] - NIO (NIO.US) rose 4.71% in the US market, echoing its performance in Hong Kong [6] - The Nasdaq Golden Dragon Index fell nearly 1%, with major Chinese concept stocks declining, including Alibaba (BABA.US) down 2.46% and Xpeng Motors (XPEV.US) down 1.35% [6]

Core Viewpoint - Ero Copper Corp. has filed a Technical Report for its Xavantina Operations, updating its mineral reserve and resource estimate in compliance with National Instrument 43-101 [1][2]. Company Overview - Ero Copper Corp. is a Brazil-focused mining company with a diversified portfolio of copper and gold assets, operating two copper mines and a producing gold mine [3]. - The company is headquartered in Vancouver, B.C., and is advancing the Furnas Copper-Gold Project through a definitive earn-in agreement with Vale Base Metals to acquire a 60% interest [3]. Operations and Assets - Ero operates the Caraíba Operations in Bahia State, the Tucumã Operation in Pará State, and the Xavantina Operations in Mato Grosso State [3]. - The company emphasizes safety, operational excellence, and responsible mineral production [4]. Reporting and Compliance - The Technical Report is prepared in accordance with Canadian Securities Administrator's National Instrument 43-101 and is available on the company's website and SEDAR+ [2].

Core Insights - Ero Copper Corp. is a mining company focused on copper production in Brazil, known for its efficient operations and competitive positioning in the market [1] - The company has received mixed ratings from analysts, with some upgrades and downgrades affecting its stock performance [4] Stock Performance - Ero Copper recently reached a new 52-week high, with shares trading as high as C$34.50 and closing at C$34.36, a significant increase from the previous close of C$33.97 [3] - The stock is currently trading on the NYSE at $25.31, reflecting a 0.72% increase, with a trading volume of 515,930 shares [5][6] - Over the past year, Ero Copper has fluctuated between a high of $26.77 and a low of $9.30 [5] Analyst Ratings and Price Targets - CIBC adjusted its rating for Ero Copper to Neutral and raised the price target from C$37 to C$42, indicating a positive outlook for the company's future performance [2][6] - Scotiabank upgraded Ero Copper from a "hold" to an "outperform" rating, raising their price target from C$33.00 to C$36.00 [3] - National Bankshares increased their price objective from C$27.00 to C$35.00, while Desjardins lowered their target price from C$25.00 to C$23.00 [4]

Group 1 - Nasdaq leads the market as stocks open higher, with gold and silver prices rising, benefiting mining and gold stocks [1] - Enova International (ENVA) and Ero Copper (ERO) reached record highs, identified by IBD's Screen Of The Day for their strong relative strength [1] - Ero Copper reported a significant 156% increase in profits last quarter, leading to a key rating upgrade and an improvement in its relative strength rating to 79 [4] Group 2 - Enova International achieved a composite rating improvement to 96, meeting over 80 relative strength rating benchmarks [4] - The stock market is showing multifaceted strength with new highs, raising questions about which sectors can outperform industry leaders [4]

Core Insights - Ero Copper has seen significant changes in institutional ownership, with several large investors increasing their stakes in the company, indicating growing confidence in its prospects [1][7] - Analysts have mixed ratings on Ero Copper, with some upgrading their ratings while others have downgraded, reflecting differing views on the company's future performance [2] - The company's recent quarterly earnings report showed a miss on both earnings per share and revenue compared to analyst expectations, which may raise concerns among investors [4] Institutional Ownership - GMT Capital Corp increased its stake by 22.9%, owning 6,931,025 shares valued at $83.94 million after acquiring 1,292,100 shares [1] - Connor Clark & Lunn Investment Management Ltd. raised its position by 119.3%, now holding 1,628,030 shares worth $27.52 million after buying 885,630 shares [1] - TD Asset Management Inc. boosted its stake by 56.2%, owning 1,460,342 shares valued at $24.62 million after acquiring 525,252 shares [1] - Hillsdale Investment Management Inc. purchased a new stake worth approximately $6.69 million [1] - Sprott Inc. increased its holdings by 64.3%, now owning 748,185 shares valued at $9.07 million after acquiring 292,896 shares [1] - Hedge funds and institutional investors collectively own 71.30% of Ero Copper's stock [1] Analyst Ratings - Weiss Ratings maintained a "hold (c)" rating on Ero Copper [2] - Wall Street Zen upgraded Ero Copper from "hold" to "buy" [2] - Goldman Sachs raised the price target from $18.50 to $25.00 and assigned a "buy" rating [2] - Stifel Canada downgraded Ero Copper from "strong-buy" to "hold" [2] - Zacks Research downgraded the stock from "strong-buy" to "hold" [2] - The average rating is "Hold" with a consensus target price of $25.00 [2] Stock Performance - Ero Copper shares opened at $25.25, with a market cap of $2.62 billion [3] - The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.80, and a current ratio of 1.05 [3] - The stock has a one-year low of $9.30 and a high of $25.78, with a 50-day moving average of $21.47 and a 200-day moving average of $17.18 [3] - The P/E ratio stands at 18.43, and the stock has a beta of 1.25 [3] Earnings Report - Ero Copper reported earnings of $0.27 per share, missing the consensus estimate of $0.36 by $0.09 [4] - The company generated revenue of $177.10 million, significantly below the analyst estimates of $309.30 million [4] - Ero Copper had a return on equity of 17.96% and a net margin of 26.63% [4] - Analysts predict an EPS of 0.71 for the current year [4] Company Overview - Ero Copper Corp. is engaged in the exploration, development, and production of mining projects in Brazil, focusing on copper concentrate production from the Caraíba operations [5]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 reached $177 million, a $14 million increase compared to Q2, driven by a 24% increase in copper concentrate sales at Tucumã and stronger copper and gold prices [17] - Adjusted EBITDA totaled $77.1 million in Q3, with adjusted net income attributable to owners of the company at $27.9 million, or $0.27 per share [17] - Liquidity position at quarter end was $111 million, including $66.3 million in cash and cash equivalents [18] - Net debt leverage ratio improved to 1.9 times at the end of Q3, down from 2.1 times in Q2 and 2.5 times at the end of 2022 [18] Business Line Data and Key Metrics Changes - Consolidated copper production set a record in Q3, with significant contributions from Tucumã, which saw a nearly 20% increase for the second consecutive quarter [10] - At Caraíba, plant throughput levels reached a quarterly volume record, with a decline in grade as expected due to a strategic shift in ore sourcing [11] - Tucumã's production increased by 19% in Q3, driven by a ramp-up in throughput, while Xavantina's production rose by approximately 17% due to mechanization efforts [12][13] Market Data and Key Metrics Changes - The company expects to sell between 10,000 and 15,000 tons of gold concentrate during Q4 2025, with operating costs estimated at approximately $300-$500 per ounce of gold [5] - The average quarterly production of gold at Xavantina was 7,000 ounces in the first half of the year, with a production of nearly 7,000 ounces in October alone [8] Company Strategy and Development Direction - The company is focused on deleveraging its balance sheet and expects to accelerate this process through gold concentrate sales [6][18] - A significant emphasis is placed on operational excellence, health and safety, and optimizing production across all operations [9][10] - The company is also advancing long-term growth initiatives at Furnas, with ongoing drilling and technical work to support future development [15][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transformation and improvements across operations, with expectations for Q4 to be the strongest production quarter of the year [10][12] - The company is addressing inflationary pressures in Brazil through various initiatives, including foreign exchange hedging [22][24] - Management highlighted the importance of mechanization and operational improvements in driving productivity and safety [41][46] Other Important Information - The company has commenced shipping gold concentrate, resulting in its first invoice, and expects to continue this momentum into Q4 [5][19] - A foreign exchange hedge program was in place with a total notional position of $290 million, resulting in a realized gain of $2 million [19] Q&A Session Summary Question: On Xavantina, regarding the remaining 80% of the gold concentrate that has not been sampled yet, what assumptions can be made? - Management indicated that while excitement exists about the potential volume, it is too early to provide specific estimates for the remaining concentrate [20][21] Question: Have there been any significant labor contractor inflation pressures in Brazil? - Management acknowledged inflationary pressures in Brazil but noted efforts to mitigate these through longer-term contracts and hedging strategies [22][24] Question: What is the timeline for sampling the remaining gold concentrate stockpile? - Management stated that the focus is on selling the current volume before continuing sampling, with updates expected quarterly [33][34] Question: How is the company addressing the tailings filtration circuit at Tucumã? - Management confirmed ongoing improvements and the addition of a mobile filter press to enhance capacity [36][37] Question: What are the expectations for mining rates and grades at Xavantina moving into next year? - Management highlighted significant increases in mining rates and grades due to mechanization, with expectations for continued high performance [41][44]

Financial Performance - The company reported adjusted EBITDA of $77.1 million[33] - The company's cash flow from operations reached $110.3 million[33] - The company's adjusted net income per share was $0.27[33] Production Highlights - Consolidated copper production reached 9,073 ounces[31] - Gold production was 2000 ounces[31] - Caraíba Operations achieved record plant throughput, processing nearly 1.0 million tonnes, a 26% increase compared to Q2 2025[54] - Tucumã Operation saw a 19% sequential quarterly production growth due to higher plant throughput[63] - Xavantina Operations experienced a 17% quarter-over-quarter increase in production, driven by higher processed grades and throughput[72] Strategic Objectives - The company aims to achieve commercial production at Tucumã[36] - The company is focused on deleveraging the balance sheet, with the net debt leverage ratio decreasing to 1.9x at the end of Q3 2025[37] - The company plans to continue gold concentrate sales from Xavantina over the next 12–18 months[43]

Core Insights - Ero Copper Corp. reported quarterly earnings of $0.27 per share, missing the Zacks Consensus Estimate of $0.36 per share, representing an earnings surprise of -25.00% [1] - The company posted revenues of $177.1 million for the quarter ended September 2025, which was 14.82% below the Zacks Consensus Estimate and an increase from $124.8 million year-over-year [2] - Ero Copper shares have increased by approximately 52.9% since the beginning of the year, outperforming the S&P 500's gain of 16.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.80 on revenues of $228.3 million, and for the current fiscal year, it is $1.99 on revenues of $753.8 million [7] - The estimate revisions trend for Ero Copper was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Mining - Non Ferrous industry, to which Ero Copper belongs, is currently in the top 10% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]