Top 6 Steel Stocks to Buy Amid US Tariffs

Page 6 of 6

1. Nucor Corp (NYSE:NUE)

Year to Date Returns: 20.94%

Number of Hedge Fund Holders: 47

Nucor Corp (NYSE:NUE) is one of the top steel stocks to buy amid US tariffs. On October 13, JPMorgan analyst Bill Peterson reiterated an ‘Overweight’ rating on Nucor Corp (NYSE:NUE) and raised the price target to $172 from $165.

The price target hike underscores growing confidence in the company’s year-to-date performance and its strong market position in the steel industry. Wells Fargo has echoed similar sentiments, rating the stock as an ‘Equalweight’ with a $145 price target. According to Wells Fargo, the company is well-positioned to benefit from near-term support for US steel prices.

Nucor Corporation has already inked a deal to supply The Nuclear Company NQ1-1 steel and related infrastructure for the sale of nuclear reactors. The strategic partnership aims to bolster the US national security by achieving energy independence.

Nucor Corp (NYSE:NUE) is a North American company that produces a wide range of steel and steel products, and is one of the largest recyclers of any material in the region. The company manufactures and markets merchant bar, rebar, structural steel, sheet steel, and engineered bar products used in industries such as construction, automotive, and energy. Nucor also produces raw materials, such as direct-reduced iron (DRI), and provides industrial gas supply services.

While we acknowledge the potential of Nucor Corp (NYSE:NUE) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NUE and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 5 Most Undervalued Hong Kong Stocks to Buy According to Analysts and 10 Most Profitable Energy Stocks to Buy Right Now.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email below.

Page 6 of 6