Piper Sandler analyst Derek Podhaizer downgraded Tenaris (TS) to Neutral from Overweight with a price target of $41, down from $48. The firm says oil country tubular goods pricing has flattened out over the past few months due to the removal of Section 232 quotas while U.S. land activity has slowed. This sets up a “supply/demand air pocket” that will put pressure on Tenaris’ margins, the analyst tells investors in a research note.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TS: