Tenaris’ (TS) Price Target lowered

Analyst Stephen Gengaro at Jefferies & Company, Inc. has lowered the price target for Tenaris (ADR) (NYSE: TS) from $53 to $50.

According to Jefferies, the company is well positioned to capitalize on the rising OCT demand over the next several years. Jefferies believes that the improving fundamentals at the company will allow it to recover in 2010.

The company reported earnings per ADR of $0.38, below Jefferies’ and consensus estimate of $0.43.

Jefferies continues to rate Tenaris as a Buy.