Nucor price target lowered to $160 from $165 at Argus

Argus analyst John Eade lowered the firm’s price target on Nucor (NUE) to $160 from $165 but keeps a Buy rating on the shares while noting that the recent weakness represents a “buying opportunity”. The stock’s underperformance relative to the Materials sector is “rare” as shares have outperformed the broad market and the industry over the past five years, the analyst tells investors in a research note. Nucor’s balance sheet is also “clean”, and its management has signaled its confidence with recent dividend hikes, Argus added.