This Stock is Ready to Surge

Nucor Corporation (NYSE:NUE) — Nucor is the largest mini-mill steelmaker in the U.S. with one of the most diverse product lines of a steelmaker in America. Its management’s goal is to add product breadth and, through acquisitions, enhance its product line to meet the needs of the construction and infrastructure markets.

Standard & Poor’s points out that the company’s strong balance sheet and cash flows are a major advantage in a competitive market.

Longer term, S&P forecasts a rise in earnings based on better U.S. economic growth, strong automotive demand, a recovery in non-residential steel demand and better control of raw material costs.

S&P expects 2016 operating earnings-per-share to come in at $2.16, up from $1.11 in 2015.

They forecast earnings of $3.40 in 2017.

Their 12-month price target is $75.

Yesterday Zacks Investment Research placed a “buy” recommendation on NUE with a growth score of “A.”

Following the presidential election and the new administration’s emphasis on growth of the nation’s infrastructure, NUE’s stock broke from a consolidation with support at its 200-day moving average at under $50 to a high in December at $68. Since then, profit-taking drove the stock down to what appeared to be a possible neck line of a Head-&-Shoulders Top at $59.50.

However a break of that line failed when buyers entered, causing a CBR Buy signal from my proprietary indicator on Friday, followed by an outside reversal (up) yesterday. Volume on both reversal days was higher than normal. Therefore, buy NUE at $61 for an intermediate-term trade to $73 for a proposed return of almost 20%.

— Sam Collins, Trade of the Day

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Source: Investor Place