Nucor shares are trading higher after Morgan Stanley upgraded the stock from Equal-Weight to Overweight despite cutting its price target from $187 to $176.
Portfolio Pulse from Benzinga Newsdesk
Nucor shares are trading higher after Morgan Stanley upgraded the stock from Equal-Weight to Overweight despite cutting its price target from $187 to $176.
August 15, 2024 | 1:25 pm
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POSITIVE IMPACT
Nucor shares are trading higher following an upgrade from Morgan Stanley, which moved the stock from Equal-Weight to Overweight. Despite the upgrade, the price target was reduced from $187 to $176.
The upgrade to Overweight by a major financial institution like Morgan Stanley is a positive signal for investors, indicating increased confidence in Nucor's performance. The reduction in the price target is a minor negative but is outweighed by the upgrade, leading to a positive short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100