Argus Upgrades Nucor (NUE) to Buy

Argus upgraded Nucor (NYSE: NUE) from Hold to Buy with a price target of $58.00.

The analyst commented, "We continue to view Nucor as a best-in-class steel manufacturer and believe that a BUY rating is now warranted based on industry fundamentals, including a more positive outlook on pricing as a result of recent and pending regulatory action. We also expect currency headwinds to diminish in the coming quarters."

The firm is raising 2016 diluted EPS estimate to $2.50 from $1.82

For an analyst ratings summary and ratings history on Nucor click here. For more ratings news on Nucor click here.

Shares of Nucor closed at $50.50 yesterday.

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