Nucor downgraded at Macquarie As previously reported, Macquarie downgraded Nucor to Neutral from Outperform. The firm downgraded shares following weak Q2 guidance and reduced its price target to $52 from $57 due to a weaker earnings outlook.
Nucor continues to see improving demand in Automotive in nonresidential markets Automotive markets remain strong and we continue to see improving demand in nonresidential construction markets. Conditions remain challenging in energy markets, in which the collapse in oil prices and continued high levels of imported oil country tubular goods products has caused an inventory glut in the pipe and tube sector. Nucor says it cannot determine when these conditions will improve, but once energy market steel inventories are rebalanced we expect overall steel demand to meet or exceed levels seen in 2014.