BMO Capital analyst David Gagliano raised the price target on Nucor (NYSE: NUE) to $130.00 (from $115.00) while maintaining a Market Perform rating following results.

The analyst commented, "Following 2Q'22 results, we are raising estimates (continued strength in downsteam steel products, resilient long products, and the 2Q'22 beat), and we are raising the target price to $130 from $115. Nucor continues to deliver strong results, benefiting from product mix (stable plate/long products) and strong downstream steel products results. However, after factoring in higher near-term estimates, in our view NUE shares are nearing fair value for this stage in the cycle (trading at 6.5x/7.2x 2023/2024E EV/EBITDA). The $130 target price represents 6.7x/7.5x 2023E/2024E EV/EBITDA."