-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将NUE的12个月目标价上调6美元至198美元，主要依据是其2027年预期企业价值/息税折旧摊销前利润（EV/EBITDA）为8.5倍，该倍数介于NUE过去三年平均预期EV/EBITDA 7.8倍和同行平均水平9.2倍之间。我们将2026年每股收益（EPS）预期上调1.97美元至13.75美元，并将2027年每股收益预期下调0.09美元至13.39美元。NUE公布了强劲的第一季度业绩，钢厂出货量创下700万吨的历史新高，积压订单量达到470万吨，为2021年第二季度以来的最高水平。尽管管理层对数据中心、基础设施和边境围栏项目的持续需求持乐观态度，但我们认为目前的钢铁价格走势反映出价格已达到不可持续的峰值。进口渗透率已降至15%，这得益于积极的贸易执法，导致国内供应趋紧，价格上涨。然而，随着美国新产能的投产（包括NUE位于西弗吉尼亚州的板材厂，预计将于2027-2028年投产），我们预计竞争压力将再次出现，因为这些产能的增加将带动潜在疲软市场的供应。我们认为，在当前价位，风险/回报比并不理想。
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