JPMorgan Analyst Lifts Nucor Corp (NUE) Price Target on Strong Market Position and Outlook

Nucor Corp (NYSE:NUE) is one of the top steel stocks to buy amid US tariffs. On October 13, JPMorgan analyst Bill Peterson reiterated an ‘Overweight’ rating on Nucor Corp (NYSE:NUE) and raised the price target to $172 from $165.

The price target hike underscores growing confidence in the company’s year-to-date performance and its strong market position in the steel industry. Wells Fargo has echoed similar sentiments, rating the stock as an ‘Equalweight’ with a $145 price target. According to Wells Fargo, the company is well-positioned to benefit from near-term support for US steel prices.

Nucor Corporation has already inked a deal to supply The Nuclear Company NQ1-1 steel and related infrastructure for the sale of nuclear reactors. The strategic partnership aims to bolster the US national security by achieving energy independence.

Nucor Corp (NYSE:NUE) is a North American company that produces a wide range of steel and steel products, and is one of the largest recyclers of any material in the region. The company manufactures and markets merchant bar, rebar, structural steel, sheet steel, and engineered bar products used in industries such as construction, automotive, and energy. Nucor also produces raw materials, such as direct-reduced iron (DRI), and provides industrial gas supply services.

While we acknowledge the potential of NUE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 12 Best Consumer Goods Stocks Billionaires Are Quietly Buying and Goldman Sachs Penny Stocks: Top 12 Stock Picks.

Disclosure: None. This article is originally published at Insider Monkey.