Tenaris price target lowered to $40 from $44 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Tenaris to $40 from $44 and keeps an Overweight rating on the shares. The market is signaling downside shale market risk, while companies maintain that near-term risks are limited and the firm lands "in between," the analyst said in an earnings preview for the North American Energy Services & Equipment group. Consistent with its updated macro outlook, the firm has decreased its EBITDA estimates for U.S.-levered small-to-mid cap stocks by about 5% and about 20% in 2023 and 2024, respectively, while its global oil services & equipment revisions are "much more benign," the analyst tells investors.