JPMorgan Raises Nucor (NUE) Price Target to $212, Sees Tight Supply Supporting Steel Sector

Nucor Corporation (NYSE:NUE) is included among the 10 Best US Stocks to Invest in for Long Term.

JPMorgan Raises Nucor (NUE) Price Target to $212, Sees Tight Supply Supporting Steel Sector

On April 14, JPMorgan raised its price recommendation on Nucor Corporation (NYSE:NUE) to $212 from $198. It kept an Overweight rating on the shares. The update came as part of the firm’s Q1 preview for the North America steel group. It said that “tight” supply alongside “mixed demand” should remain supportive for the sector.

On April 1, Goldman Sachs analyst Nick Cash assumed coverage of NUE with a Buy rating. It also set a $210 price target on the stock in a sector note on Americas steel. The firm said it is bullish on US steel equities “as a result of sustained higher prices due to section 232 steel tariffs moving import costs up while also constraining supply,” and added that it sees “above average demand growth in infrastructure as well as pockets of growth in private non-residential construction.” At the same time, it pointed to uncertainty in the broader macro environment and said it prefers “lower beta companies set to accelerate free cash flow and realize higher through cycle margins as they benefit from metal margin expansion and product diversification.”

Nucor Corporation (NYSE:NUE) manufactures steel and steel products, with operations across the United States, Canada, and Mexico. The company also produces and sources ferrous and non-ferrous materials, mainly for use in its own steel manufacturing business.

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