J.P. Morgan analyst Bill Peterson has maintained their bullish stance on NUE stock, giving a Buy rating today.
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Bill Peterson has given his Buy rating due to a combination of factors that signal improving fundamentals in Nucor’s downstream business and a solid demand outlook. He highlights that Nucor’s downstream backlog has turned higher year over year for the first time since 2020, with its value roughly double pre‑COVID levels, and profitability per ton still running several times above historical norms despite coming off peak levels.
At the same time, Peterson notes that industry joist and deck bookings have rebounded to pre‑pandemic volumes and that data‑center construction, supported by rising steel intensity per square foot, should provide a growing niche of incremental demand. Coupled with Nucor’s diversified product mix, expanding presence in data‑center and electrical infrastructure products, and the benefits of industry consolidation and potential future automation, he views Nucor as well positioned to sustain attractive returns, justifying a Buy recommendation.
In another report released today, Wells Fargo also maintained a Buy rating on the stock with a $194.00 price target.