The Globe and Mail reports in its Thursday, May 8, edition that National Bank Financial analyst Shane Nagle raised his rating for Ero Copper to "outperform" from "sector perform," predicting a ramp-up at its Tucuma operation in Brazil will support a free cash flow inflection later this year. The Globe's David Leeder writes that Mr. Nagle jacked his share target up by $1.50 to $23. Analysts on average target the shares at $24.54. Mr. Nagle says in a note: "We foresee a FCF inflection point for Ero Copper in H2/25, accounting for payables to reduce in Q2/Q3, copper prepayment deliveries through to the end of 2026 and slower ramp-up assumptions at Tucuma. Available liquidity of $116-million (U.S.) (including $81-million (U.S.) in cash) appears sufficient to fund the near-term obligations and support a reduction in leverage from 2.38 times (as of Q1/25) to less tha 1.3 times by the end of 2025. While we remain cautious on the long-term outlook for the company given a premium P/NAV valuation and declining production profile from existing operations beginning in H2/27, with more certainty on FCF inflection through H2/25 and fewer concerns with near-term liquidity needs, we expect to see a rebound in valuation multiple."