The Globe and Mail reports in its Tuesday, Feb. 4, edition that National Bank Financial analysts Shane Nagle and Rabi Nizami do not anticipate any significant surprises from the fourth quarter 2025 earnings season for Canadian copper producers. The Globe's David Leeder writes in the Eye On Equities column that this expectation is based on the fact that many companies in their coverage have already prereleased production results and 2025 guidance, which align closely with market expectations. The National Bank analysts rate Ero Copper "sector perform." They gave their share target a $1 trim to $27. Analysts on average target the shares at $30.50. Mr. Nagle says in a note: "While we model an increase in production Q/Q, power availability challenges impacting the ramp-up of Tucuma and increased grade dilution at Caraiba lead to our lower-than-consensus forecasts. We continue to see risks to 2025 consolidated production guidance providing some headwinds for the quarter. However, a 2025 outlook in line with NBF estimates would make us more constructive given the currently discounted valuation of 4.9 times EV/2025E CF (vs. peers at 6.5 times)."