Based in Charlotte, North Carolina, Nucor Corporation (NUE) is a leading U.S. producer of structural steel, steel bars, and related products. With a market cap of $33.5 billion, it operates primarily in the U.S. and Canada, producing steel sheets, bars, plates, and more through its network of mini-mills. The company has expanded through acquisitions and geographic growth, with most of its operations and customers located in North America.
The steel giant has struggled to keep pace with the broader market over the past year, tumbling 24.7% while the S&P 500 Index ($SPX) rallied by 22.8%. However, in 2025, the stock has rebounded, climbing 19.8% versus the SPX’s 4.5% year-to-date gain.
Looking closer, NUE has underperformed the VanEck Steel ETF (SLX), which fell 9.8% over the past year but has managed to edge past its 9.4% YTD increase.
On Feb. 10, Nucor shares surged more than 5% after President Trump announced 25% tariffs on steel and aluminum imports, aiming to curb foreign competition and support U.S. producers.
For the current fiscal year, ending in December, analysts expect Nucor’s EPS to decline 14.2% year over year to $7.64. Moreover, the company’s earnings surprise history is mixed, exceeding the consensus estimate in three of the last four quarters and missing on one other occasion.
Nucor stock has a consensus “Moderate Buy” rating overall. Out of 13 analysts covering the stock, seven recommend a "Strong Buy," one advises “Moderate Buy,” and five suggest a "Hold."
The consensus rating has remained fairly consistent over the past months.
On Feb. 3, Morgan Stanley (MS) cut Nucor's price target to $154 from $166 but maintained an “Overweight” rating, citing recovering steel prices. The firm expects a 2025 rebound, driven by protectionist trade policies and modest 1.6% demand growth.
The mean price target of $154.64 suggests a 10.6% premium from NUE's current price levels. The Street-high price target of $177 suggests an impressive upside potential of 26.6%.
