TD Securities Upgrades Methanex (MEOH) to Buy
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TD Securities analyst Cherilyn Radbourne upgraded Methanex (NASDAQ: MEOH) from Hold to Buy with a price target of $46.00 (from $50.00).
The analyst comments "Methanex expects 2021 production to be similar vs. 2020 production of 6.6mm tonnes, based on lower-than-expected gas availability in New Zealand, Trinidad, and Chile. Our sense is that gas availability in New Zealand is more of a structural issue, whereas we believe that gas availability in Trinidad and Chile has been partially impacted by COVID-19 (deferred maintenance and reduced drilling activity)."
Shares of Methanex closed at $33.60 yesterday.
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