Wells Fargo more bullish on Nucor, upgrades to Overweight

As previously reported, Wells Fargo upgraded Nucor (NUE) to Overweight from Equal Weight with a price target of $167, up from $147. The firm cites higher 2026 U.S. steel price forecasts, boosting 2026 EBITDA by 12% to $5.1B. Wells also notes that a positive catalyst the firm is watching is the end of its big capex push, as it anticipates a sharp inflection in 2027 free cash flow. The firm thinks investors will look past a light Q4, as it already guided to lighter volumes due to seasonality and five fewer shipping days, based on its reporting calendar.