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Bear Stearns Cuts Nucor to 'Neutral'

Bear Stearns downgraded Nucor (NUE) to neutral from buy.

Analyst Anthony Rizzuto says Nucor shares appear to have adequately discounted positive data points and investor expectations surrounding fundamental and political issues. He says Nucor remains the best of breed in the domestic carbon steel industry. However, its net exposure to the light industrial/commercial construction market through its deck and joist businesses could lag a product price recovery. He believes better opportunities exist elsewhere in the metals and mining sector, and recommends shifting into other names with better upside potential, including Phelps Dodge, Newmont Mining and Gerdau S.A.

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