Tenaris price target lowered to $40 from $43 at Piper Sandler

Piper Sandler lowered the firm’s price target on Tenaris to $40 from $43 and keeps an Overweight rating on the shares. The firm says oilfield services sentiment is “fairly poor” heading into the Q2 reports, and it has a “hard time poking holes in this aside from some positioning that could get squeezy.” Names in the sector “appear cheap, but this appears to be the common OFS value vs value trap,” the analyst tells investors in a research note. Piper believes it’s more of the latter.