Steel maker Nucor Corporation ( NUE ) on Wednesday caught a big upgrade from analysts at Morgan Stanley, helping send its shares higher in premarket trading.
The firm said it boosted its rating on NUE from "Equal-weight" to "Overweight" with a $51 price target. That target suggests a massive 56% upside to the stock's Tuesday closing price of $32.61.
Nucor shares, which have tumbled more than 25% year-to-date, rose $1.11, or +3.4%, in premarket trading Wednesday.
The Bottom Line
Shares of Nucor ( NUE ) have a 4.45% dividend yield, based on last night's closing stock price of $32.61. The stock has technical support in the $28-$30 price area. If the shares can firm up, we see overhead resistance around the $35-$37 price levels.
Nucor Corporation ( NUE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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