The Globe and Mail reports in its Friday, April 10, edition that TD Cowen analyst Craig Hutchison believes the first quarter of 2026 will "mark the highest quarterly copper and gold prices on record, which should support solid earnings, despite what is expected to be the softest production quarter for the year." The Globe's David Leeder writes in the Eye On Equities column that Mr. Hutchison made "modest" metal price forecast revisions for the year while increasing his cost assumptions to reflect energy prices, "which should start to impact earnings in Q2." Mr. Hutchison continues to rank Ero Copper "hold." He gave his share target a $2 boost to $47. Analysts on average target the shares at $48.68. Mr. Hutchison says in a note: "Middle East conflict will drive higher input costs, but these costs are very manageable, with strong gold price offsets. Since the start of the war in the Middle East, oil prices increased 60 per cent, with extreme volatility driven by the resolution uncertainty. We expect higher energy costs to have modest impacts in Q1, with cost pressures building in Q2." The Globe reported on March 11, 2025, that Mr. Hutchison rated Ero Copper "buy." The shares could then be had for $17.08.