The Globe and Mail reports in its Wednesday, Feb. 25, edition that National Bank Financial analyst Shane Nagle is sticking with his "sector perform" ranking for Ero Copper. The Globe's David Leeder writes in the Eye On Equities column that Mr. Nagle gave his share target a $2.50 trim to $53.50. Analysts on average target the shares at $47.13. Mr. Nagle downgraded his share target after incorporating Ero Copper's 2026 and preliminary economic assessment for its Furnas copper-gold project in Brazil into his model. Mr. Nagle says in a note: "Our target has come down modestly largely on account of lower 2026 production. Our 'sector perform' rating is based on our cautious long-term outlook given a premium P/NAV valuation and a declining production profile from existing operations in 2029. We expect to see an improvement in the balance sheet ahead of potential development work at Furnas, driven by ramp up at Tucuma and additional gold concentrate sales from Xavantina."