Morgan Stanley cut Nucor ( NUE ) to underperform from neutral. Analyst Wayne Atwell says the Nucor story is the most attractive in the sector, but valuation looks stretched. He notes Nucor has more cash than debt on its balance sheet, thinks it should continue to build cash as startup costs decline. However, shares trading above or near historical highs on absolute P/E, relative P/E, and EV/EBITDA.
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