Steel Dynamics (STLD) and Nucor Corp (NUE) both saw declines in their share prices in morning trading after being downgraded by UBS. The brokerage firm changed its rating on Steel Dynamics from "buy" to "neutral" and lowered the price target from $145 to $149, citing weak fundamentals and limited near-term upside potential.
Similarly, UBS downgraded Nucor from "buy" to "neutral" and reduced the price target from $171 to $156. Prior to the downgrade, Nucor's shares had already fallen by 20% year-to-date, while Steel Dynamics had experienced a 13% increase since the beginning of the year.