Wells Fargo Turns More Bullish on Nucor (NUE)

Nucor Corporation (NYSE:NUE) is included among the 10 Most Volatile Stocks to Buy in S&P 500.

Wells Fargo Turns More Bullish on Nucor (NUE)

Nucor Corporation (NYSE:NUE) is an American manufacturer of steel, specializing in low-embodied carbon EAF steel products and capabilities that drive the circular economy.

On June 4, Wells Fargo raised its price target on Nucor Corporation (NYSE:NUE) from $244 to $292, while maintaining an ‘Overweight’ rating on the shares. The target boost, which reflects an upside of almost 15% from the current price level, comes after the analyst firm revised its models in the steel sector as part of a mid-quarter update.

Wells Fargo raised its steel price outlook and estimates, projecting further price strength until October. According to the analyst firm, service center inventories remain “unusually lean”, which means that mills will have to restock even when the demand softens in Q3 due to seasonal factors. However, Wells believes that a price correction could occur in the fourth quarter as more supply enters the market and balances out the demand.

As of the writing of this piece, the share price of Nucor Corporation (NYSE:NUE) has surged by over 50% since the beginning of 2026.

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