Nucor issues ‘another soft update’, says BMO Capital

BMO Capital analyst Katja Jancic keeps a Market Perform rating and $145 price target on Nucor (NUE) but cuts the firm’s FY24 EPS view by 20c to $8.29 and its FY25 EPS view by 17c to $7.86. The company’s Q4 EPS guidance of 55c-65c is below $1.05 prior view, even though it may be “somewhat conservative” given the recent history, the analyst tells investors in a research note. The outlook still showcases an industry “in need of a supply-side response”, and the disappointing forecast, along with a lackluster lagged contract prices imply that profitability in Q1 will remain constrained, BMO adds.