Are Wall Street Analysts Predicting Nucor Stock Will Climb or Sink?

With a market cap of $56.4 billion, Nucor Corporation (NUE) is North America’s largest and most diversified steel manufacturer and recycler, producing a wide range of steel and fabricated steel products for the construction, infrastructure, automotive, energy, and industrial markets. Headquartered in Charlotte, North Carolina, the company operates through three primary segments: Steel Mills, Steel Products, and Raw Materials.

Nucor stock has been one of the market’s standout performers over the past 52 weeks. NUE stock has soared 67.6% over this time frame, while the broader S&P 500 Index ($SPX) has gained 19.5%. Moreover, shares of the steelmaker have soared 47.4% on a YTD basis, compared to SPX's 11.6% return.

Looking closer, shares of Nucor have outpaced the State Street Materials Select Sector SPDR ETF's (XLB) 16.3% increase over the past 52 weeks and 15.6% rise in 2026.

On Aug. 19, Nucor got caught in a sector-wide selloff, with a Bloomberg report on a potential U.S.-Canada trade deal rattling steel and aluminum stocks. The proposed agreement could reportedly reduce tariffs on certain Canadian metal exports to 25%, stoking concerns that greater competition could pressure U.S. producers. NUE shares slid more than 6%, joining a broader retreat across the metals space.

The selloff stood in sharp contrast to the enthusiasm surrounding Nucor’s Q2 results just weeks earlier. After the company released its FY2026 earnings on July 27, NUE shares jumped 7.2% in the following trading session as investors cheered a powerful earnings beat. Net sales surged 23% year over year to $10.40 billion, while adjusted EPS of $4.84 comfortably topped Wall Street’s expectations. The real star of the show was the Steel Mills segment, where pre-tax earnings soared 84.5% year over year to $1.56 billion, fueled by higher steel prices, strong volumes, and a second consecutive quarterly record for steel mill shipments.

Analysts expect Nucor's EPS to surge 132.8% year over year at $17.95 in FY2026. The company's earnings surprise history is mixed. It has exceeded the consensus estimates in three of the last four quarters while missing on one other occasion. 

Among the 16 analysts covering the stock, the consensus rating is a “Strong Buy.” That’s based on 13 “Strong Buy” ratings and three “Holds.” 

On July 29, Morgan Stanley raised its price target on Nucor to $270 from $258 while maintaining an “Equalweight” rating, signaling confidence in the steelmaker’s fundamentals but limited room for further upside at current levels. Analyst Carlos De Alba highlighted Nucor’s highly flexible, low fixed-cost steelmaking operations as a key competitive advantage, with the firm expecting the company to deliver strong cash generation and solid growth in EBITDA and EPS over the coming years.

The mean price target of $290.06 represents a 20% premium to NUE’s current price levels. The Street-high price target of $305 suggests a 26.8% potential upside.