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Analysts Take a Fresh Look at US Steel Stocks after 3Q17

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Part 2
Analysts Take a Fresh Look at US Steel Stocks after 3Q17 PART 2 OF 4

How Analysts View Nucor after Its 3Q17 Earnings Beat

Nucor’s earnings 

Nucor (NUE) reported its 3Q17 earnings on October 19. The company reported revenues of $5.2 billion in 3Q17. In comparison, it posted revenues of $4.3 billion in 3Q16 and $5.2 billion in 2Q17. Nucor reported a net income of $268.5 million in 3Q17, which translates to EPS (earnings per share) of $0.83. Nucor’s EPS was $1 in 2Q17 and $0.95 in 3Q16. Its 3Q17 EPS fell on a yearly and a sequential basis, but it was higher than what the company guided in September. While Nucor missed consensus revenue estimates in 3Q17, its profits were better than expected.

How Analysts View Nucor after Its 3Q17 Earnings Beat

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According to the consensus estimates compiled by Thomson Reuters, Nucor has a mean one-year target price of $65.63, which represents 13.7% upside over its closing price on November 8. In contrast, Nucor carried a one-year target price of $64 on October 18—one day before its earnings release. Nucor received a “strong buy” rating from four analysts, while four analysts rated the stock as a “buy.” The remaining six analysts polled by Thomson Reuters on November 8 rated the stock as a “hold.”

Some of the analysts revised Nucor’s target price after its 3Q17 earnings release. Citi raised Nucor’s target price from $65 to $66, while Cowen and Company raised its target price from $57 to $63. JPMorgan Chase has been bullish on steel stocks (CLF) (XME)—especially U.S. Steel Corporation (X). JPMorgan Chase lowered Nucor’s target price from $78.5 to $74.5.

In the next part, we’ll see how analysts are rating AK Steel (AKS) after its 3Q17 earnings.

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