The Globe and Mail reports in its Friday, Sept. 1, edition that Scotia Capital analyst Orest Wowkodaw has lowered his recommendation for Ero Copper to "sector perform" from "sector outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Wowkodaw slashed his share by $5 to $28. Analysts on average target the shares at $28.71. The Globe says Mr. Wowkodaw sees a "less favourable risk/reward outlook" at Ero Copper. Mr. Wowkodaw says in a note: "Although the company has an impressive medium-term Cu [copper] growth profile (execution has been excellent to date) and meaningful ongoing Cu-Ni exploration upside (including a planned Ni exploration update in November), we are concerned by a stretched valuation on our lower estimates, along with potential future capex pressures from a strengthening BRL [Brazilian Real]. Ero recently disclosed that it anticipates taking an ongoing 5- to 10-per-cent discount to the LME Cu price to reflect TCRC [treatment and refining charges] costs related to its concentrate." The Globe reported on March 15 and April 7 that Mr. Wowkodaw was sticking with his "sector outperform" call for Ero Copper. It was then worth $22.87 and $23.24.