UPDATE: UBS Downgrades Methanex (MEOH) to Sell
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(Updated - October 31, 2016 10:44 AM EDT)
UBS downgraded Methanex (NASDAQ: MEOH) from Neutral to Sell with a price target of $31 on valuation.
Analyst John Roberts said, "We are downgrading MEOH to Sell as we believe the stock more than reflects the improvement in methanol prices. MEOH has rallied ~30% on higher oil prices, which methanol often follows as evidenced by increasing posted and spot pricing. UBSe 2017 Brent oil price forecast remains unchanged at $60/bbl, & is reflected in our improved 2017e EPS of $0.50 (up from $0.50 loss in 2016e) & 2017e EBITDA of $443M (up from $256M in 2016e). Our valuation basis remains unchanged at ~9.5x 2017e EBITDA which we believe reflects the bottoming market and improvements in 2017."
Shares of Methanex closed at $37.06 yesterday.
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