Tenaris upgraded at Morgan Stanley on improving OCTG industry fundamentals

businessinsider

Jul 15, 2026 at 02:41 PM

Morgan Stanley upgraded Tenaris (TS) to Equal Weight from Underweight, raising its price target to $65 from $53. The upgrade cites improving OCTG industry fundamentals, driven by declining imports and rising demand that are tightening inventories and supporting ~10% YTD pricing gains. Analysts expect 2027-28 EBITDA estimates to exceed consensus due to better pricing and Middle East infrastructure recovery. Additionally, Tenaris' strong $3B net cash position supports potential dividend growth and a new buyback program.

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