Upgrade Alert for Tenaris (TS)
Tenaris (NYSE:TS) was upgraded from Neutral to Overweight at Piper Jaffray today. The stock closed yesterday at $29.04 on volume of 5.3 million shares, above average daily volume of 2.3 million.
Tenaris has overhead space with shares priced $29.04, or 1.4% below the average consensus analyst price target of $29.44. The stock should discover initial support at its 50-day moving average (MA) of $24.66 and subsequent support at its 200-day MA of $24.34.
Tenaris S.A. manufactures seamless steel pipe products on a global basis. The Company also provides pipe handling, stocking, and distribution services to the oil and gas, energy, and mechanical industries. In addition, Tenaris supplies welded steel pipes for gas pipelines in South America.
Over the past year, Tenaris has traded in a range of $18.53 to $32.10 and closed yesterday at $29.04, 57% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.6%.
SmarTrend is tracking the current trend status for Tenaris and will alert subscribers who have TS in their portfolio or watchlist when shares have changed trend direction.
Keywords: analyst upgrades/downgrades tenaris