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Wall Street Analysts Are Bullish on Top Materials Picks

Tipranks - Tipranks - Fri Jun 5, 7:56AM CDT

There’s a lot to be optimistic about in the Materials sector as 2 analysts just weighed in on Nucor (NUE) and Agnico Eagle (AEM) with bullish sentiments.

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Nucor (NUE)

BMO Capital analyst Katja Jancic assigned a Buy rating to Nucor yesterday and set a price target of $285.00. The company’s shares closed last Wednesday at $257.73.

According to TipRanks.com, Jancic is a 5-star analyst with an average return of 38.6% and a 77.4% success rate. Jancic covers the Basic Materials sector, focusing on stocks such as Algoma Steel Group, Century Aluminum, and Freeport-McMoRan. ;'>

Currently, the analyst consensus on Nucor is a Strong Buy with an average price target of $253.88, a -1.3% downside from current levels. In a report issued on May 21, Barclays also initiated coverage with a Buy rating on the stock with a $270.00 price target.

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Agnico Eagle (AEM)

According to TipRanks.com, Garchitorena is a 4-star analyst with an average return of 12.4% and a 65.1% success rate. Garchitorena covers the Basic Materials sector, focusing on stocks such as First Quantum Minerals, Cleveland-Cliffs, and Freeport-McMoRan. ;'>

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Agnico Eagle with a $262.67 average price target, a 49.3% upside from current levels. In a report issued on May 20, Scotiabank also maintained a Buy rating on the stock with a $280.00 price target.

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