Keybanc Upgrades Nucor (NUE)
Keybanc reported on Monday that they have upgraded steel product manufacturer, Nucor Corporation(NUE).
The firm has increased their rating of NUE from “Hold” to “Buy,” and has given the company a $56 price target. This price target suggests a 18% increase from the stock’s current price of $45.89.
Analysts view the company as leveraged to the slow growth of the commercial construction market.
Nucor shares were up 39 cents, or 0.86% during Monday morning trading. The stock has increased 9.5% in the past year.
The Bottom Line
Shares of Nucor (NUE) have a 3.24% dividend yield, based on Friday’s closing stock price of $45.43. The stock has technical support in the $41-$42 price area. If the shares can firm up, we see overhead resistance around the $48-$49 price levels.
Nucor Corporation(NUE) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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