UPDATE: Raymond James Upgrades Methanex Corporation to Outperform Following Gas Agreement

Raymond James upgraded Methanex Corporation

from Market Perform to Outperform and raised the price target from $34.00 to $38.00. Raymond James commented, "Late yesterday, Methanex announced it has secured a long-term (10-year) natural gas supply agreement with Chesapeake Energy (CHK-NYSE) to procure all of the gas necessary for its Louisiana methanol project. … [W]e believe that Methanex's ability to secure a long-term, methanol-linked, natural gas contract is a momentous company event, one that greatly enhances our visibility into the company's future capacity growth and commensurate margins." Methanex Corporation closed at $32.29 on Wednesday.