10 Most Undervalued Canadian Stocks to Buy According to Wall Street Analysts

3. Ero Copper Corp. (NYSE:ERO)

Forward P/E Ratio as of April 21: 4.89

Number of Hedge Fund Holders: 15

Average Upside Potential as of April 21: 59.64%

Ero Copper Corp. (NYSE:ERO) explores, develops, and produces mining projects in Brazil. Its flagship asset includes Caraiba operations that produce and sell copper concentrates located in northeastern Bahia State in Brazil, as well as gold and silver produced and sold as by-products.

The Caraiba Operations focuses on copper concentrate production with gold as a significant byproduct and achieved record copper production in Q4 2024. Throughout 2024, improved metal prices and stronger operating margins within the Caraiba Operations contributed to a cash flow from operations of $145.4 million for the entire company and an adjusted EBITDA of $216.2 million.

Ero Copper Corp. (NYSE:ERO) anticipates that Q1 2025 will be the softest for Caraiba as the company works to implement additional development at the Pilar mine, the benefits of which are expected to emerge over subsequent quarters. The mobilization of a second development contractor is also underway to enhance access to high-grade stopes and increase operating flexibility at Caraiba.