UPDATE: UBS Investment Research Reiterates Buy Rating, Raises PT on Nucor Corporation on Multiple Positive Factors

In a report published Tuesday, UBS Investment Research analyst Matt Murphy reiterated a Buy rating on

, and raised the price target from $50.00 to $56.00. In the report, UBS Investment Research noted, “Nucor has a sustained record of high margin and ROE generation, only one annual earnings loss in its history (2009), a healthy balance sheet, and over 40 years of uninterrupted quarterly cash dividends. Nucor invests with a long-term view which means investing consistently during downturns, thereby improving earnings power and leverage to recoveries. We believe Nucor's cost basis will improve with the startup of its second DRI facility and over the long-run from its investments in natural gas. While Nucor maintains a diversified product mix, roughly 65% of its end-demand is tied to construction which has yet to take off following the financial crisis. We rate Nucor a Buy and our $56 price target is based on a 7.5x EV/EBITDA (2015) multiple.” Nucor Corporation closed on Monday at $50.73.