Argus Research raises Nucor's PT on long-term steel demand

Shares of steel manufacturer Nucor NUE.N rise nearly 1% to about $157.4 in morning trading

Argus Research raises price target to $169 from $160; maintains "buy" rating

New PT an 8.2% upside to the stock's last close

Although NUE's earnings were hurt by reduced demand and inflationary pressures conditions improving - brokerage

"Domestic steel investment leaves Nucor well-positioned to benefit from long-term demand for steel." - Argus

Expects the company to benefit from its growing project backlog, which was 30% higher year-over-year

Fourteen of 17 brokerages rate the stock "buy" or higher and three "hold"; their median PT is $168.2; according to data compiled by LSEG

Including session's moves, shares up 34.9% YTD