KeyBanc upgraded Nucor Corporation to Overweight from Sector Weight on June 24, setting a $274 price target. The firm expects real carbon steel demand to grow 2% year over year in 2026, while finished steel imports are projected to decline 15% compared with 2025. Analyst Samuel McKinney cited tight supply conditions with a virtually non-existent spot market and limited contract allocations, and views Nucor shares as compelling after a 10% decline over the previous six trading days. KeyBanc believes the historically tight domestic supply situation will support hot-rolled coil pricing through September. Earlier, on June 22, Morgan Stanley raised its price target on Nucor to $258 from $227 while reiterating an Equal Weight rating, noting that higher steel price expectations are already reflected in sector valuations.
Nucor CorpKeyBanc upgraded Nucor to Overweight with a $274 price target, citing tight supply and compelling valuation after a 10% decline.
Commercial Metals Company