Tenaris downgraded to Hold from Buy at Jefferies

Jefferies downgraded Tenaris to Hold from Buy with a price target of $39.60, down from $41.80. The analyst expects Vallourec’s outperformance of Tenaris to continue in 2024 as investor appetite for the recovery play builds on operational delivery and deleverage. Tenaris’ “quality delivery is hard to contest,” but with negative earnings momentum and the major distribution catalyst out of the way, a downgrade is warranted, the analyst tells investors in a research note.