Piper Sandler Lifts $TS to Overweight From Neutral

NYSE:TS   Tenaris S.A
Piper Sandler Lifts Tenaris SA to Overweight From Neutral, Price Target to $23 From $16.25

In the fourth quarter of 2020, our sales rose 12% sequentially driven by a gradual recovery in drilling activity in the Americas and a good mix of products sold in the Middle East.

EBITDA rose 79% sequentially, reflecting a better industrial performance and the operating leverage of higher volumes on a lower fixed cost base after the restructuring measures implemented during the year.

net cash position remained stable at $1.1 billion.

For the year, we recorded a net loss attributable to owners of the parent company of $634 million, or ($1.07) per ADS.


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