Goldman Sachs analyst has maintained their bullish stance on NUE stock, giving a Buy rating on July 14.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Goldman Sachs has given its Buy rating due to a combination of factors that highlight Nucor’s strong performance and potential for growth. The firm notes that Nucor has a consistent track record, having missed its earnings guidance only once in the past nine quarters. This reliability suggests that Nucor’s upcoming earnings are likely to align with or exceed expectations, with Goldman Sachs estimating earnings at the higher end of the guidance range.
Additionally, insights from Cleveland Cliffs’ recent performance indicate positive trends in the steel industry, such as lower unit costs and higher average selling prices, which could benefit Nucor. These industry dynamics, coupled with Nucor’s historical performance, lead Goldman Sachs to believe that Nucor is well-positioned to capitalize on favorable market conditions, justifying the Buy rating.
In another report released on July 14, J.P. Morgan also maintained a Buy rating on the stock with a $162.00 price target.