Methanex (MEOH) PT Raised to $60 at RBC Capital on Strong Methanol Price

RBC Capital analyst Nelson Ng raised the price target on Methanex (NASDAQ: MEOH) to $60.00 (from $50.00) while maintaining an Outperform rating as methanol prices will remain higher for longer.

"Methanol supply constraints continue in various parts of the world, and the high natural gas prices (main feedstock for methanol outside of China) increase the cost of production for a number of methanol suppliers," the analyst commented. "We see Methanex benefiting from higher oil and gas prices, and well as the continued recovery in the global economy."

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