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UPDATE: Citi Downgrades Nucor (NUE) to Neutral

November 9, 2021 4:20 AM EST
Get Alerts NUE Hot Sheet
Price: $117.12 +2.44%

Rating Summary:
    11 Buy, 16 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 8 | New: 23
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(Updated - November 9, 2021 5:42 AM EST)

Citi analyst Alexander Hacking downgraded Nucor (NYSE: NUE) from Buy to Neutral with a price target of $120.00 (from $105.00).

The analyst comments "We downgrade Nucor (NUE) to Neutral. We are structurally bullish on the
steel sector but tactically cautious as flat steel prices appear to have peaked. We acknowledge NUE’s quality and exposure to long steel/infrastructure. But broadly see the stock fairly valued now and potentially more vulnerable than peers given its outperformance (+120% YTD) and higher multiples/ lower FCF yield. Positive catalysts may be lacking with the Infrastructure Bill now
approved."

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 $116.24 yesterday.


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