Morgan Stanley raised the firm’s price target on Nucor (NUE) to $149 from $134 and keeps an Overweight rating on the shares after updating the firm’s steel price estimates on the back of President Trump doubling the existing tariff to 50%. Domestic mills will benefit from higher prices in the near-term, but soft underlying demand and potential trade deals with allies will cap pricing and may result in a downward trend by year-end, the analyst tells investors in a note on the North American steel producer group.
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.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NUE:
- Canada imposes steel, aluminum tariffs to curb imports, FT reports
- Nucor’s Strong Earnings Guidance and Strategic Initiatives Drive Buy Rating
- X, CLF, NUE: Canada to Raise Steel and Aluminum Counter-Tariffs
- Nucor’s Strong Performance and Strategic Moves Justify Buy Rating
- Early notable gainers among liquid option names on June 18th