Analyst Jamie Franklin initiated coverage of the steel producer known for its pipes business at a buy rating. His price target of $41.80 for U.S.-listed shares implies upside of 46.6%. U.S.-listed shares were up nearly 3% on Thursday. But international pricing is improving, and the company had nearly 40% of sales outside of North America in 2022, according to Jefferies. Franklin said Tenaris has a remarkable operational delivery record, with EBITDA margins over 20% on average in the last decade.

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Persons: Tenaris, Jefferies, Jamie Franklin, Franklin, — CNBC's Michael Bloom Organizations: Services, TEN, Jefferies, Vallourec S.A Locations: U.S, Tenaris, Milan ., North America