Tenaris price target raised to $56 from $42 at Piper Sandler

Piper Sandler analyst Derek Podhaizer raised the firm’s price target on Tenaris (TS) to $56 from $42 and keeps a Neutral rating on the shares. The firm says that over the past six weeks, the Oilfield Services group has been in Oil Price Shock Playbook mode with performance dictated by rising and falling oil prices reacting to the ongoing U.S./Israel-Iran conflict. More recently, investors are focused on whether U.S. Land can continue its momentum or if the group is set up for an unwind. Piper expects this to be a major topic through earnings season, especially considering there has been zero rig activity response. Overall, the firm expects management teams to message what they can control, while positioning for future growth opportunities.