Tenaris S.A. (NYSE:TS) Good Long Term Play Says Barclays

Growing demand for seamless tubular goods and some pricing leverage, according to Barclays, makes Tenaris S.A. (NYSE:TS) a good long term play.

Barclays says, "Based on our forecast for improving demand internationally for seamless tubular goods and modest pricing leverage as volumes increase, we believe Tenaris is a good long-term value...We are lowering our 4Q EPS estimate for Tenaris to $0.52 (from $0.59) primarily reflecting delayed payments and shipments from PDVSA in Venezuela, delayed orders in Canada and Peru, and an unfavorable sales mix which is impacting margins. We are reducing our 2011 and 2012 EPS estimates to $2.65 (from $2.90) and $3.55 (from $3.85) respectively, reflecting more conservative margin assumptions, and a volume recovery from a lower base."

Barclays reiterates an "Overweight" rating on Tenaris S.A. (TS), which closed Tuesday at $45.89, up $0.20, or 0.44 percent. Barclays lowered their price target on Tenaris from $64 to $59.