Nucor upgraded to Buy from Neutral at UBS on recent selloff

UBS analyst Andrew Jones upgraded Nucor (NUE) to Buy from Neutral with a price target of $160, up from $156. Tariff protection for U.S. steel and aluminum has exceeded the firm’s expectations since the election, resulting in a significant rally in hot-rolled coil steel prices, the analyst tells investors in a research note. Meanwhile, the stock has sold off and de-rated with the sell off in the broader market amid the escalating trade war, the firm says. The firm sees a good entry point for Nucor and the sector that should be a net beneficiary of the tariffs enacted so far.