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UPDATE: Guggenheim Securities Upgrades Tenaris to Buy, Raises PT

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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.

Latest Ratings for TS

DateFirmActionFromTo
Apr 2016CitigroupUpgradesSellNeutral
Apr 2016Morgan StanleyMaintainsUnderweight
Feb 2016Credit SuisseUpgradesUnderperformNeutral

View More Analyst Ratings for TS
View the Latest Analyst Ratings

Posted-In: Guggenheim SecuritiesAnalyst Color Upgrades Analyst Ratings

 

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