Nucor price target lowered to $175 from $185 at BMO Capital

BMO Capital lowered the firm’s price target on Nucor to $175 from $185 and keeps a Market Perform rating on the shares. The firm cites the company’s negative Q2 pre-annoucement, and while the management did not provide any outlook commentary, the ongoing steel pricing headwinds and typical summer lull suggest that earnings are likely to drift lower, the analyst tells investors in a research note. Nucor is executing on its multi-year organic growth plans, but the currently challenging steel environment keeps the firm on the sidelines, BMO added.