BofA downgraded Tenaris (TS) to Underperform from Neutral with an unchanged price target of EUR 17.50. Given Tenaris is more than 40% exposed to the U.S. for its revenues, and the firm is expecting a 3% fall in rig counts in North America, it has cut its outlook for FY25 by 11% on volumes and by 3% on EBITDA and its FY26 revenue forecast by 7% and EBITDA by 7%.
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