UPDATE: Dahlman Rose Downgrades Tenaris to Hold on Valuation

Dahlman Rose downgraded Tenaris

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.