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Fly News Breaks for November 13, 2019
NUE, RS
Nov 13, 2019 | 07:10 EDT
KeyBanc analyst Philip Gibbs raised his price targets for Overweight-rated Nucor (NUE) and Reliance Steel (RS) to $62 from $60 and $125 from $120, respectively. In a research note to investors, Gibbs says that following recent due diligence, including his firm's Q4 "SoS" survey, estimates rise on primary carbon sheet spreads on better mill supply discipline against easing de-stocking pressures and subdued raw materials. The analyst says he continues to favor Nucor and Reliance Steel over a long-term horizon.