Tenaris price target lowered to $36 from $37 at Stifel

Stifel lowered the firm’s price target on Tenaris to $36 from $37 and keeps a Buy rating on the shares. The firm is reducing second half of 2024 and 2025 U.S. activity assumptions, modestly scaling back 2025 international growth expectations, and reducing estimates for its covered oilfield services companies, telling investors that Stifel is now projecting about flat U.S. activity through 2025, and, in general, sees “limited near-term catalysts for stocks” in the space, outside of “robust” free cash and cash returns to shareholders.