JPMorgan Lifts Nucor Price Target Amid Strong Earnings Growth

Nucor Corp stock (ISIN US6703461052) has gained traction as JPMorgan Chase & Co. lifted its price target to USD 308.00, implying a roughly 19 percent upside from the current spot price around USD 258 on the New York Stock Exchange.

The decision follows a quarter in which Nucor beat expectations on both earnings and revenue, with quarterly earnings per share of USD 4.84 versus a consensus estimate of USD 4.46, a positive surprise of USD 0.38 per share.

Nucor's revenue in that quarter reached USD 10.40 billion compared to the expected USD 10.15 billion and was up about 23 percent year over year, a growth rate that stands out in a cyclical basic materials sector.