The Globe and Mail reports in its Thursday, July 10, edition that National Bank Financial analyst Shane Nagle has lowered his recommendation for Ero Copper to "sector perform" from "outperform." The Globe's David Leeder writes that Mr. Nagle continues to target the shares at $24.50. Analysts on average target the shares at $26.92. Mr. Nagle says in a note: "While we remain constructive on the H2/25 FCF inflection and discounted EV/2026 CF multiples compared to peers, the market is likely to discount the valuation in the event of a guidance cut and will require more evidence of improved operational performance from Tucuma to confirm an improved outlook for 2026. Ero shares have returned 52 per cent since early April and up 23 per cent since we upgraded to 'outperform' on May 6, 2025, compared to the S&P/TSX Global Base Metals Index up 16 per cent over the same period. Q2 copper production of 6,400 tons from Tucuma was below our previously estimated 7,840 tons. We continue to model significant production growth from the mine into H2, but have reduced our estimates to account for a slower ramp-up year to date. We are modeling Q2/25 EBITDA of $77-million (U.S.) compared with consensus of $94.9-million (U.S.)."