Tenaris : Persistent clouds outside the US
>Cautious recommendation maintained - We are maintaining our cautious recommendation on the stock. The rocket’s main engine (North America) should remain strong with few additional drivers whereas other key areas (Latin America) or more buoyant segments (international offshore) are taking their time to ignite. Some of the group's US sales are generated with products imported from Mexico or Canada for which the group is not exempt from customs tariffs. We have marginal...Tenaris manufactures and supplies seamless steel pipe products for the global oil and gas industry, as well as other industrial applications. Co. operates an integrated worldwide network of steel pipe manufacturing, research, finishing, and service facilities with industrial operations in the Americas, Europe, Asia, and Africa. Co. produces pipes for boilers, heat exchangers, hydraulic cylinders, automotive, structural and other industrial applications and supplies welded steel pipes for oil and gas pipelines in the South American region. Its principal products include casing, tubing, line pipe, and mechanical and structural pipes. Co.'s organizes its business around one segment: Tubes.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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