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.
Latest Ratings for TS
|Jun 2014||Guggenheim Securities||Upgrades||Neutral||Buy|
|May 2014||Howard Weil||Downgrades||Sector Outperform||Sector Perform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.