STLD - Steel Dynamics Nucor upgraded at BofA amid record steel prices

Steel prices remain at record highs, and Bank of America's Timna Tanners says investors should not fight the trend, upgrading Steel Dynamics ([[STLD]] -2.4%) and Nucor ([[NUE]] -1.5%) to Buy from Neutral with respective price targets of $61 and $80, raised from $49 and $56.Tanners thinks steel prices will normalize once the industry works through the current patch of temporary undersupply produced by COVID-19 related production disruptions, but the near-term earnings windfall for steel companies due to the spike in steel prices could have a positive impact on the balance sheets of the top steel stocks through at least the first three quarters of 2021.Steel Dynamics and Nucor "not only have better balance sheets as a result of this unprecedented steel environment, but in our view are well positioned to continue to dominate and operate capacity even assuming oversupply down the road," Tanners writes.U.S. Steel ([[X]] -7%), which Tanners rates

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Steel Dynamics, Nucor upgraded at BofA amid record steel prices