Tenaris: Credit Suisse upgrades to buy

(CercleFinance.com) - Credit Suisse has become positive on the Tenaris stock (one of Vallourec's competitors), and now recommends investors buy the stock ("outperform"), against their former neutral rating.


They have also raised their target price from 15 euros to 17 euros, meaning upside potential of almost 20%.

Analysts welcome the annual accounts published by this specialist of "OCTG" (tubes for hydrocarbon drilling), which has Argentine origins, and which is controlled by the Rocca family. Its Q4 results exceeded expectations slightly.

Furthermore, “The outlook was quite positive, in line with what we expect to be a broader market recovery for OCTG in 2018” analysts add, while the recovery of 2017 was more US-centric.

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