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