Tenaris: Credit Suisse downgrades 'buy' rating

(CercleFinance.com) - Credit Suisse has downgraded its rating on the Tenaris stock, a specialist in tubes for the oil and gas industry (OCTG) from buy ("outperform"), to "neutral," mainly due to protectionist measures on steel decided on by the US.


From around 11 euros last autumn, the Tenaris share has since performed well, the broker's note points out. While Credit Suisse continues to appreciate the long-term growth prospects of Vallourec's well-managed competitor - which also has a healthy balance sheet. This is in a context of a market recovery of OCTG (Oil Countries Tubular Goods) - at least in the US.

However, the protectionism of the Trump administration is threatening the group of Argentine origin - particularly customs barriers imposed on US imports of steel and aluminum.



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