UBS upgraded Nucor Corporation's stock rating to Buy from Neutral, indicating a more positive outlook for the company. The upgrade is attributed to stronger tariff protections for U.S. steel and aluminum, which are expected to benefit domestic producers.
According to UBS analyst Andrew Jones, benchmark steel prices increased from approximately $750 a ton to $900 a ton after the tariffs were announced. This price increase suggests a more favorable operating environment for Nucor and other U.S. steelmakers.
Despite a recent pullback in U.S. steel stocks, UBS raised Nucor's price target to $160. The analyst's 'constructive view' on the sector, driven by trade policy, highlights the potential for improved profitability and growth for Nucor.
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