Evercore ISI analyst James West upgraded Tenaris to Buy with a $38 price target saying NAM sales volumes have continued to climb after an inflection in Q3, with seamless 87% of the tubes sales mix over the course of 2H 2016, up from 77% mix in 1H 2016. The analyst believes the step-out from core drilling zones will accelerate seamless consumption and that pricing will improve as operators continue to opt for Tenaris' high-torque products in completing "super-laterals." West expects even greater earnings power once higher margin tubular consumption returns internationally and offshore.