UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Nucor Corporation

In a report published Wednesday, Credit Suisse reiterated its Outperform rating on Nucor Corporation

, and raised its price target from $50.00 to $55.00. Credit Suisse noted, “With everyone's constant focus on the near-term minutia of quarterly earnings in a still difficult steel market environment, it is easy to forget the bigger picture, and the core investment thesis for the shares of Nucor. Bottom line, we believe NUE represents the single best way to play a multi-year recovery in the U.S. economy, given 1) its significant exposure to non-residential construction (which we expect to turn sometime over the next 24 months), 2) its strategic focus on cost control (DRI project, Encana JV), and margin expansion (SBQ expansions, Berkeley, Skyline) and 3) its best in class balance sheet (reducing debt, returning capital to shareholders). We believe near-term results do not reflect the true normalized earnings power of the company (which we believe is at least $5 in a mid-cycle world). Maintain Outperform.” Nucor Corporation closed on Tuesday at $47.04.