UPDATE: Morgan Stanley Downgrades Nucor as Many Positive Industry Trends are Priced In
In a report published Wednesday, Morgan Stanley analyst Evan L. Kurtz downgraded the rating on Nucor (NYSE: NUE) from Overweight to Equal-Weight, but raised the price target from $56.00 to $58.00.
In the report, Morgan Stanley noted, “We are downgrading Nucor to Equal-weight from Overweight as the company is approaching our revised price target of $58/share. We believe many of the positive US industry trends, including the expected recovery in non-res, is now mostly priced in.”
Nucor closed on Tuesday at $53.78.
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