BMO Capital Boosts Nucor (NUE) Target to $196 Citing South Carolina Mill Expansion

Nucor Corporation (NYSE:NUE) is included among the Dividend Kings List: Top 15 Stocks.

On March 3, BMO Capital raised its price recommendation on Nucor Corporation (NYSE:NUE) to $196 from $190 and. The firm reiterated an Outperform rating on the shares. The analyst said the company has been investing in the modernization and expansion of capabilities at its Steel Berkeley sheet and beam mill in South Carolina. According to the research note, the facility is well-positioned to benefit from the region’s manufacturing expansion.

The analyst also pointed to the company’s targeted shift toward higher value-added products.BMO added that Nucor is continuing to execute its multi-year organic growth strategy. In the firm’s view, these initiatives should improve the company’s through-cycle profitability over time.

Nucor Corporation (NYSE:NUE) manufactures steel and steel products, with operating facilities across the United States, Canada, and Mexico. The company also produces and procures ferrous and non-ferrous materials, mainly for use in its steel manufacturing operations.

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