Has anyone ever seen this before with EIFS Stucco, looks like rust to me ?
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To be frank I try to take the guess work out of these exterior stucco finish defects and deficiencies, use a good infrared camera and moisture meter to confirm or deny what you are trying to prove, many things can cause rust to show up on stuccoed surfaces even when you know that the exterior wall are metal framed EIFS systems.
If you put together that photo with a good infrared image and a photo showing elevated moisture saturation then it’s a slam dunk.
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Looks like something is there causing THIS rust
Rust spots can be caused by several things. Like Junior said … a small piece of iron, located in the EIFS finish (small chips off the trowel used to apply finish OR already in the bucket they mixed it in; Mechanical fastener too close to the surface, etc, etc. Report it, recommend repair if needed and keep going
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Looks like a nail head to me!
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Agree, but not just any old moisture meter, right? 
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That’s correct David,
I have used many moisture meters over the years and I’m currently using a protimeter it’s a little pricey but I find it easy to use and very accurate.
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The problem with stucco is that the coating is not permeable, thus the need to probe for moisture. I’m not sure what method you are using, but a typical surface meter will not provide the needed information.
The protimeter is a non invasive and invasive moisture meter that is highly accurate and widely used in the Southeast.
I try to stay away from invasive type inspections due to liability concerns. We do offer even more invasive inspections that include the use of endoscopic cameras.
Those inspections require the client to sign a waver.