KeyBanc Assumes Nucor (NUE) at Sector Weight

KeyBanc analyst Samuel McKinney assumes coverage on Nucor (NYSE: NUE) with a Sector Weight rating.

The analyst comments "We increase our 2026E EBITDA to $5.40B (from $5.37B) via higher earnings in Steel Mills (prices increasing more vs. scrap costs), partially offset by higher slab costs and softer Raw Materials earnings. • Guidance: 1Q26 EPS of $2.70-$2.80 vs. 4Q25’s $1.73, consistent with initial guidance of increased q/q earnings; Steel Mills earnings improvement expected to be the largest q/q on stronger volumes and ASP; Steel Products (Fabrication) earnings up q/q on higher volumes and flattish ASP; Raw Materials earnings to “slightly increase” q/q; NUE’s mid-quarter EPS guidance ranges are historically conservative, as reflected in our 1Q26E EPS of $3.02 vs. the Street’s $2.86. • Guidance: FY26 capex of ~$2.5B (vs. ~$3.4B in FY25), with ~$950M of that total earmarked for Steel WV, expected to be completed in late 2026. • Guidance: On its 4Q25 earnings call, NUE guided to an annual run rate maintenance capex of ~$800M in 2027 and beyond."

For an analyst ratings summary and ratings history on Nucor click here. For more ratings news on Nucor click here.

Shares of Nucor closed at $162.74 yesterday.

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