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Jefferies starts Tenaris at Buy on ‘remarkable’ record

Jefferies analyst Jamie Franklin last night initiated coverage of Tenaris with a Buy rating and $41.80 price target. “With through-cycle profitability that is unparalleled” in Euro oilfield services and a growing net cash balance, Tenaris offers leading U.S. oil country tubular goods exposure with a “compelling risk/reward skew” despite pricing normalization headwinds, the analyst tells investors in a research note. The analyst says Tenaris has a “remarkable operational delivery record.”

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