The Globe and Mail reports in its Wednesday, Oct. 18, edition that National Bank Financial analyst Shane Nagle cut his share target for Ero Copper to $26 from $30 ahead of the third quarter earnings season for base metals producers. The Globe's David Leeder writes that Mr. Nagle continues to rate Ero Copper "sector perform." Analysts on average target the shares at $28.59. Mr. Nagle says in a note: "Despite pressure on the copper price from increasing interest rates and recession fears, equities have maintained a fair valuation, suggesting the market has been looking through near-term price/earnings volatility toward the potential of a more favourable copper price environment given the anticipated copper deficit in the coming years and further M&A activity. There is the risk operational underperformance and/or any material impact to any growth initiatives could lead to volatility in share prices." The Globe reported on Jan. 20, Feb. 14 and March 10 that Mr. Nagle had reaffirmed his "sector perform" recommendation for Ero Copper when it could be had for $21.47, $20.82 and $23.31. The Globe reported on Sept. 1 that Scotia Capital cut Ero Copper to "sector perform" from "sector outperform." It was then worth $27.69.