UPDATE: Citigroup Downgrades Nucor as Stock Now Looks Fully Priced

In a report published Monday, Citigroup analyst Brian Yu downgraded the rating on

from Buy to Neutral, but raised the price target from $52.00 to $55.00. In the report, Citigroup noted, “Based on our new commodity price forecasts we are maintaining our EPS estimates for '13 / '15 of $1.43 / $3.75, while lowering '14 from $3.30 to $3.20, and raising our target price $55/sh based on a raised 17.0x multiple on our 2014E EPS to fully reflect NUE's leverage to a potential construction recovery. However, we are downgrading NUE to Neutral from Buy following the recent share price appreciation as we no longer see sufficient upside over our 12-month time horizon to recommend the name.” Nucor closed on Friday at $53.61.