Tenaris: Undervalued Cash Returns Leader Amid Normalizing Pricing and Growing US Volumes – Buy Rating Reiterated with €20 Target
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Analyst Matthew Smith of Bank of America Securities has reiterated a Buy rating on Tenaris, raising the price target to €20. He cites the company's resilience and attractive shareholder returns despite expected declines in tube pricing. Smith highlights Tenaris's strong distribution yield and robust US drilling activity as key factors. He anticipates that Tenaris's 4Q25 EBITDA will exceed market expectations and notes a significant share buyback as a potential price driver. While he acknowledges overly optimistic pricing forecasts for 2026, he believes long-term growth is supported by a recovery in international market activity.
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