S&P Capital IQ Reiterates its BUY Rating on Nucor

October 21 00:00 2011

NEW YORK, October 21 (RainbowNewsLine.com) – Analyst Leo Larkin of S&P Capital IQ reiterates his BUY rating on the shares of Nucor Corp (NYSE:NUE), while reducing his estimates for the company. The target price is set to $45.

Analyst Leo Larkin, in a research note published yesterday mentions that the company reported its Q3 EPS of $0.57 that is ahead of estimates and the consensus. The results reflected 27% growth in sales that were higher than expected. The EPS estimate for 2011 has been reduced from $2.53 to $2.51 on company’s guidance for lower EPS in Q4 owing to downward pressure on margins, analyst says. The company’s shares are attractively valued at present, the analyst adds.

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