UPDATE: Dahlman Rose Downgrades Tenaris to Hold on Valuation
Dahlman Rose downgraded Tenaris (NYSE: TS) from Buy to Hold.
Dahlman Rose commented, "We are downgrading Tenaris to Hold from Buy. TS is trading within 12% of our fair value estimate of $45 per share. We do not see material upside to growth or margins due to the decline in North American OCTG prices over the past nine months and see 2013 as a transition year for the company."
Tenaris closed at $40.06 on Friday.
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