UPDATE: Raymond James Downgrades Methanex on Intact Outlook, Share Price Appreciation
In a report published Tuesday, Raymond James analyst Steve Hansen downgraded the rating on Methanex Corporation (NASDAQ: MEOH) from Outperform to Market Perform, but reiterated the $68.00 price target.
In the report, Raymond James noted, “We are downgrading our rating on Methanex to MP3 (vs. OP2 previously) based upon the firm's strong recent share price performance. Notwithstanding our positive LT view on methanol S-D fundamentals, we recommend investors wait for an opportunistic pullback before accumulating. MX shares have enjoyed a stellar 55.1% return since May 1, 2013, dramatically outperforming the TSX return of 9.3%. This surge, and the commensurate drop in our expected return to our target (11.1% including dividend), form the principal basis for our downgrade this morning.”
Methanex Corporation closed on Monday at $61.94.
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