(News Bulletin 247) – Jefferies initiates a follow-up of Tenaris with a ‘buy’ recommendation and a price target of 19 euros, a target based on a ratio of five times 2024 EBITDA and which gives around 50% upside potential for the title of the Italian tube manufacturer.
In its summary of its rating, the broker highlights unrivaled full-cycle profitability in the European oilfield services business, as well as a growing net cash balance.
“Tenaris offers prime exposure to US OCTG with a compelling risk/reward bias, despite headwinds from US OCTG price normalization,” he adds.
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