Tenaris price target raised to $45 from $40 at JPMorgan

JPMorgan analyst Arun Jayaram raised the firm’s price target on Tenaris (TS) to $45 from $40 and keeps an Overweight rating on the shares. Heading into 2025, the firm retains a cautious sector stance on oilfield services given the deceleration of capex trends in international and offshore markets and further declines in North America spending. In a more challenging macro environment, companies that can demonstrate the most earnings resiliency are best positioned to deliver alpha, the analyst tells investors in a research note.