Tenaris price target raised to $50 from $48 at Piper Sandler

Piper Sandler raised the firm’s price target on Tenaris (TS) to $50 from $48 and keeps an Overweight rating on the shares. Within its Q4 earnings release, management noted for second half of 2025 a “high level of uncertainty for costs and prices to our results” due to the likely changes in U.S. tariffs. At first read, this came off incrementally negative to Piper, creating downward earnings risk for the second half of 2025. However, management clarified on the call that tariffs are a net positive given the likely increase to OCTG pricing, resulting in EBITDA margins to reach 25% in the second half of 2025, up from 23.2% in Q4 2024.