TD Securities Upgrades Methanex (MEOH) to Buy; Selloff Overdone; Valuation To Attractive To Pass Up
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Price: $43.94 -2.18%
Rating Summary:
5 Buy, 2 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
5 Buy, 2 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade MEOH Now!
TD Securities upgraded Methanex (NASDAQ: MEOH) from Hold to Buy with a price target of $34.00.
Analyst, Paul D'Amico, said, "We are increasing MEOH due mainly to share price depreciation as the stock is down 22% over the past month, and has materially underperformed its chemical peers. We believe that the selloff is overdone and is tied mostly to macroeconomic concerns and weaker oil price (down 18% in the past month) rather than company specifics or methanol market fundamentals. MEOH is currently trading at 4.8x our 2013E EBITDA, which is at the lower-end of its historical range of 4x-7x, and represents an attractive entry point in our view.'
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 $27.62 yesterday, with a 52 week range of $19.50-$35.52.
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Analyst, Paul D'Amico, said, "We are increasing MEOH due mainly to share price depreciation as the stock is down 22% over the past month, and has materially underperformed its chemical peers. We believe that the selloff is overdone and is tied mostly to macroeconomic concerns and weaker oil price (down 18% in the past month) rather than company specifics or methanol market fundamentals. MEOH is currently trading at 4.8x our 2013E EBITDA, which is at the lower-end of its historical range of 4x-7x, and represents an attractive entry point in our view.'
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 $27.62 yesterday, with a 52 week range of $19.50-$35.52.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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