Jefferies Initiates Coverage On NUE

Jefferies is initiating coverage on Nucor Corp. NUE with a Buy rating and a price target set at $52. According to Jefferies, “We are initiating coverage on NUE with a BUY-rating and $52 price target. With the shares having pulled back -16% from YTD highs (currently 5.6x 2012E EBITDA), current prices represent an attractive entry point ahead of improving industry fundamentals in 2012 and beyond. Our $52 price target values the shares at 6.9x long term historical average multiples.” NUE closed at $41.51 yesterday.