BMO Capital Raises Price Target on Methanex (MEOH) to $40

September 29, 2016 10:04 AM EDT
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Price: $37.79 +0.61%

Rating Summary:
    6 Buy, 5 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 25 | Down: 28 | New: 8
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BMO Capital reiterated an Outperform rating on Methanex (NASDAQ: MEOH), and raised the price target to $40.00 (from $36.00).

Analyst Joel Jackson commented, "MEOH remains rated Outperform, but our target price rises to US$40 as we model now for higher spot and October/Q4 contract methanol prices (overnight MEOH posted its October N.A. contract price at $293/t, a $17/t rise). 2017/18E EBITDA/ FCF estimates rise only slightly as we modeled a methanol price rebound in early 2017, but the recovery has been quicker. If spot methanol prevails, well below midcycle average, MEOH seems fairly valued, but it looks attractive if a modest sustained methanol price recovery occurs, boosted by gas upside in Chile/Egypt."

For an analyst ratings summary and ratings history on Methanex click here. For more ratings news on Methanex click here.

Shares of Methanex closed at $34.64 yesterday.

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