UBS downgraded Nucor (NUE) to Neutral from Buy with a price target of $224, up from $190. The firm sees a more balanced risk/reward at current share levels. UBS cites valuation for the downgrade with Nucor up 36% since March 20. The firm remains constructive on Nucor’s project growth in a higher price and volume environment, but expects pricing to come down on import parity prices well below spot.
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