Tenaris: Credit Suisse still a seller

(CercleFinance.com) - Credit Suisse has reaffirmed its 'underperform' rating on the share of Italian steelmaker Tenaris despite raising its price target to EUR8.
8 from EUR8.2, after the Italian seamless tube maker released its fourth-quarter 2021 results.

"While the group's 4Q'21 EBITDA was strong, the beat came mainly out of higher seamless tubes shipments from the N. American operations. Those volumes and prices are more at risk going forward, in our view," the broker says.

In its summary, Credit Suisse adds that it had noted "relaxation of trade barriers likely to reverse margin expansion".



Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.