Market Overview

UPDATE: Guggenheim Securities Upgrades Tenaris to Buy, Raises PT

Related TS
Top 4 Large-Cap Stocks In The Steel & Iron Industry With The Highest Cash
Tenaris, Ternium and Tecpetrol to Build Power Plant in Mexico

In a report published Monday, Guggenheim Securities upgraded its rating on Tenaris (NYSE: TS) from Neutral to Buy, and raised its price target from $41.00 to $50.00.

Guggenheim noted, “Low risk to volumes, as any reduction in OCTG demand related to a U.S. rig count contraction should be absorbed through a reduction in imports. Margin benefit from lower steel prices (every $50/t change in steel or realized prices = $0.22pa). Pricing support from mix (offshore volumes are increasing) and long-term alliance relationships with onshore operators.”

Tenaris closed on Friday at $35.90.

Posted-In: Guggenheim SecuritiesAnalyst Color Upgrades Analyst Ratings

 

Most Popular

Related Articles (TS)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free