Methanex (MEOH) PT Raised to $68 at Piper Sandler

Piper Sandler analyst Charles Neivert raised the price target on Methanex (NASDAQ: MEOH) to $68.00 (from $51.00) while maintaining a Overweight rating.

The analyst commented, "We believe that the decline in MEOH shares in connection with the OCI transaction announced this past Sunday evening is actually an opportunity to own MEOH shares at an 8% discount to their September 6 closing price. It is our view that investors are too focused on the near-term implications of the debt added to the balance sheet and the reduced share repurchase optionality that was supposed to follow the startup of the new Geismar G3 methanol unit. It is our view that investors should prioritize the value of the robust business expansion and strategic realignment the transaction creates as well as the possible options for a far more rapid debt reduction pathway if the company so chooses."

You May Also Be Interested In

• Citi Downgrades Legal & General Group PLC (LGEN:LN) (LGGNF) to Sell
• Raytheon wins $1.3 billion in missile defense contracts
• Revelation Biosciences (REVB) Misses Q2 EPS by 4c