Bernstein analyst Guillaume Delaby initiated coverage of Tenaris (TS) with an Outperform rating and EUR 21 price target At 80 years old, respectively, Tenaris is now reaching the “Age of Maturity.” This “Age of Maturity” is the attractive combination of five positive attributes: capable, no-nonsense management teams/boards of directors; positive net cash positions; likely underestimated visibility on future cash flows; an oligopolistic premium seamless tubes market; and increased speculative appeal.
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