Tenaris downgraded to Neutral from Overweight at Piper Sandler

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.