Analysts at Deutsche Bank maintain their "buy" rating on Nucor NUE. The target price for NUE is set to $50.
During the conference with Deutsche Bank, “Nucor characterized demand as stable and it views recent 'caution' in the supply chain as a reaction to lower metallic (scrap/iron ore) costs. Also, it doesn't expect scrap prices to remain under pressure for the balance of '10.”
“An uncertain economic outlook is a limitation but acquisitions remain a priority for Nucor within each of its business units…. An equity investment operating 23 sheet processing centers in N. America; mainly leveraged to auto & appliance demand (75% of vols). Also, NUE doesn't believe NuMit threatens its mill customers and it will use this entity for further processing acquisitions,” the analysts say.
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