Keybanc Upgrades Nucor (NUE)

Keybanc Upgrades Nucor (NUE)

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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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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