Tenaris SA

TS · AIM

$58.23+$1.86 (+3.30%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $56.37

TS analyst rating

HoldConsensus of 8 analysts over the last 12 months. 50% rate it a buy.

Strong buy0
Buy4
Hold3
Underperform1
Sell0

12-month price target · 19 analysts

Average $63.39 (+8.9% upside)

Low: $48.76
Now: $58.23
High: $81.34

Upgrades and downgrades

The latest rating actions, newest first

TS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Oct 14, 2026	Maintains	Equal-Weight	$60.00 → $62.00	82%
B of A Securities	Oct 5, 2026	Maintains	Buy	$66.00 → $71.00	43%
Morgan Stanley	Aug 20, 2026	Maintains	Equal-Weight	$65.00 → $60.00	82%
Barclays	Aug 10, 2026	Maintains	Overweight	$82.00 → $80.00	55%
TD Cowen	Aug 7, 2026	Maintains	Buy	$67.00 → $68.00	51%
Morgan Stanley	Jul 15, 2026	Upgrade	Underweight → Equal-Weight	$53.00 → $65.00	66%
Piper Sandler	May 18, 2026	Maintains	Neutral	$56.00 → $60.00	51%
Barclays	May 8, 2026	Maintains	Overweight	$78.00 → $82.00	55%
Barclays	Apr 20, 2026	Maintains	Overweight	$56.00 → $72.00	55%
Morgan Stanley	Apr 15, 2026	Maintains	Underweight	$40.00 → $50.00	54%

The case for and against

Updated Feb 9, 2026

Bull case

Tenaris's stock benefits from a favorable supply and demand dynamic within the oil country tubular goods (OCTG) market, evidenced by a notable pricing inflection. The company's substantial exposure to Argentina and Suriname is generating a strong backlog for 2026, indicating increasing future demand despite a global deceleration in other markets. Increased imports, with a 70% rise in volume in the first half of 2025 compared to the second half of 2024, further highlights the company's resilience and competitive positioning in a challenging environment.

Bear case

Tenaris has demonstrated underperformance compared to its peers, with minimal earnings revisions indicating a lack of market optimism, as reflected in stagnant EBITDA estimates for 2025 and 2026. Additionally, the primary inputs for their oil country tubular goods—steel prices—have flattened, which points to a potentially challenging pricing outlook for the OCTG products. This combination of lagging performance and muted earnings expectations suggests ongoing challenges for Tenaris, contributing to a negative sentiment surrounding its stock.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.