Nucor reinstated with a Buy at BofA

BofA analyst Lawson Winder reinstated coverage of Nucor with a Buy rating and $172 price target. The analyst reinstated coverage of the U.S. steel sector saying a near-term end to destocking could support a modest rebound in key hot rolled coil steel prices. However, there are potential headwinds on recession risks and the risks aren’t all priced into the shares, Winder tells investors in a research note. The analyst suggests investors be selective.