Piper Sandler cuts Tenaris to 'neutral', expects flat prices

** Piper Sandler downgrades Italian steel pipe maker Tenaris TENR.MI to "neutral" from "overweight," citing a flattish outlook for oil country tubular goods (OCTG) pricing

** Imports jumped 70% in the first half of 2025 after steel tariffs replaced quotas, creating a supply/demand air pocket and pressuring margins, it says

** A 10% drop in U.S. land rig activity since February and flat steel prices also weigh on the outlook, the broker adds

** Piper Sandler notes that with no near-term pricing catalysts, the "bull/bear scale tips back into balance"

** Piper Sandler cuts its PT to $41 from $48, lowering its 2025/2026 EBITDA estimates to reflect pricing risks and a potential Argentina overhang

** Shares are down 1.3% to 15.15 euros ($17.96) at 0706 GMT, bringing the YTD decline to 16.3%

** Out of 14 analysts that cover Tenaris, eight rate the stock "strong buy" or "buy,"​ three "hold" and three​ "strong sell" or "sell" - LSEG data

($1 = 0.8435 euros)