Stock price when the opinion was issued
Jumped today by 10% after Trump announced 50% tariffs on steel; this will let US steelmakers raise prices. NUE peaked at $180 in April 2024, then has slid below $120, but is now mounting a comeback, driven by tariffs. BMO upgraded it today. But he wonders if higher tariffs will help the US steelmakers immediately, and tariffs alone aren't a reason to buy the stock. Rather, he'd buy on weakness. Look what happened during the 2018 tariffs--NUE shares actually fell, though popped occasionally. He'd like to see signals that the overall economy is thriving and that there is demand for steel.