J.P. Morgan Lowers EPS Estimates on Nucor

J.P. Morgan is out with its report today on Nucor NUE, lowering its Q2 11 EPS estimates. In a note to clients, J.P. Morgan writes, "We are lowering our 2Q11E EPS for NUE to $0.80 from $0.90 to reflect the company's recent 2Q guidance of $0.75-0.80. The company's 2Q guidance does include a LIFO charge of approximately $0.06 while our prior estimate did not. Our 3Q11E, 4Q11E and 2012E EPS remain unchanged at $1.11, $0.98 and $3.90, respectively, and we are maintaining our price target of $59." J.P. Morgan maintains Overweight on NUE. Shares of NUE closed Monday at $39.73, up 0.71% from Friday's close.