Nucor downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Carlos De Alba downgraded Nucor (NUE) to Equal Weight from Overweight with a price target of $180, up from $165. The firm adjusted ratings in North America steel as part of its 2026 outlook. It expects steel prices to remain elevated as 50% steel tariffs “remain firm.” Morgan Stanley sees domestic mills continuing to take market share from imports on capacity increases despite a relatively muted demand outlook.