Deutsche Bank Upgrades Nucor (NUE) to Buy
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Deutsche Bank upgraded Nucor (NYSE: NUE) from Hold to Buy with a price target of $52.00.
Analyst Jorge Beristain said, “We upgrade Nucor to a Buy (from Hold) on valuation upside (+42% including dividends) following 3Q15 decrease in share price. Additionally lower anticipated scrap costs offset the impact of lower steel prices. Our PT multiple of 7.5x (unchanged) implies a PT of $52.”
Shares of Nucor closed at $38.00 yesterday.
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