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Fly News Breaks for August 31, 2018
TS
Aug 31, 2018 | 08:26 EDT
Morgan Stanley analyst Robert Pulleyn believes the 6% selloff yesterday in Tenaris shares was overdone and he sees a tactical buying opportunity at current levels. Remarking on the impact of the Argentine peso devaluation, Pulleyn noted that Tenaris prices in U.S. dollars and that its input costs are local. While Section 232 is "more complicated and more noisy than expected," the possible exemptions are more steel than OCTG relevant, added Pulleyn, who has an Overweight rating and $57 price target on Tenaris shares.
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