JPMorgan raised the firm’s price target on Nucor to $145 from $130 and keeps an Underweight rating on the shares. Ahead of the Q2 results the analyst updated estimates with the firm’s revised steel and scrap price forecast. Underlying demand remains steady with buyers sticking to contract minimums and spot purchases hand-to-mouth in anticipation of further price deterioration, the analyst tells investors in a research note. The firm cites structurally improved downstream margins into 2024 for the target raise.
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