UPDATE: Dahlman Rose Downgrades Tenaris to Hold on Valuation

Dahlman Rose downgraded Tenaris (NYSE: TS) from Buy to Hold.

Dahlman Rose commented, "We are downgrading Tenaris to Hold from Buy. TS is trading within 12% of our fair value estimate of $45 per share. We do not see material upside to growth or margins due to the decline in North American OCTG prices over the past nine months and see 2013 as a transition year for the company."

Tenaris closed at $40.06 on Friday.