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Fly News Breaks for January 31, 2020
NUE
Jan 31, 2020 | 05:09 EDT
Goldman Sachs analyst Matthew Korn downgraded Nucor to Neutral from Buy with a price target of $55, down from $60. The analyst came away from the company's Q4 earnings call with a less constructive view on its capital spending and cash flow outlook. Expectations of higher capital expenditures and reduced free cash flow in the medium term make Nucor less of a standout among its steelmaking peers and less likely to benefit from multiple expansion, Korn tells investors in a research note.
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