The Globe and Mail reports in its Thursday edition that Canaccord's Dalton Baretto has upgraded Ero Copper to "buy" from "hold." The Globe's David Leeder writes that Mr. Baretto's share target soared $17 to $48. Analysts on average target the shares at $38.44. Mr. Baretto says in a note: "We see a very strong year for Ero. We believe operating momentum from Q4 2025 will carry over through 2026, with both Tucuma and Xavantina hitting their stride and cash flow bolstered by gold concentrate sales from the stockpile over the year. We expect year-over-year copper production to increase by 22 per cent and gold production to increase by 49 per cent, with cash flow further bolstered by lower unit costs and our assumption of higher commodity prices. The real prize, however, is the cash flow from gold concentrate sales, where we forecast 71koz of sales, at operating costs of $500/oz and a realized price (net of the RGLD stream) of $3,741/oz. As such, we forecast a strong year of cash flow from Ero, which will help deleverage the balance sheet and remove an overhang on the stock. We also expect a PEA on the promising Furnas project in H1/26, which should help the market better reflect value of the project in the share price."