Nucor price target raised to $235 from $196 at BMO Capital

BMO Capital raised the firm’s price target on Nucor (NUE) to $235 from $196 and keeps an Outperform rating on the shares. The company’s Q1 earnings beat vs. the firm’s estimate can mainly be attributed to stronger-than-expected shipments, and looking ahead, earnings in Q2 are expected to increase sequentially, which is directionally consistent with current expectations, the analyst tells investors in a research note. BMO maintains its view of Nucor as a best-in-class steel producer with a diversified product and end market mix that is currently executing on its multi-year organic growth plans.