JPMorgan lowered the firm’s price target on Nucor to $170 from $174 and keeps an Overweight rating on the shares. The firm largely anticipate Q3 misses for steel companies that didn’t provide mid-quarter guides, but says investor expectations are already low. The analyst expects “mute” Q4 commentary amid the election overhang and seasonality, and notes investors will be focused on auto commentary in particular given worsening fundamentals ahead of annual contract negotiations.
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