Goldman Sachs Upgrades Tenaris SA (TS) to Conviction Buy; Downgrades Weatherford (WFT)
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Goldman Sachs upgrades Tenaris SA (NYSE: TS) from Neutral to Buy and added the stock to their Conviction Buy List. The firm also raised their price target from $41 to $50, now seeing 27% potential upside.
Goldman said the company is entering the "sweet spot" of its cycle. Factors expected to drive shares include: a price spike in OCTG is possible, Tenaris dominates the high-end OCTG market, sales in Europe are likely to recover.
As part of the same call, Goldman Sachs downgraded Weatherford (NYSE: WFT) from Buy to Neutral and removed the stock from their Conviction Buy List. The firm lowered their price target from $33 to $25. The firm commented, "Weatherford has gone from having the wind at its back this past Spring to a “show me” story now that it has missed expectations for two consecutive quarters."
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