Nucor upgraded to Buy at UBS after ‘excessive correction’

As previously reported, UBS analyst Andrew Jones upgraded Nucor (NUE) to Buy from Neutral with a price target of $190, up from $184. The recent “excessive correction” presents a buying opportunity as the firm thinks U.S. steel producers are “largely insulated” from the Iran conflict, the analyst tells investors. The firm likes the setup for Nucor given little direct hit from energy and project growth in a federally supported higher price/volume environment, the analyst added.