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UPDATE: Raymond James Downgrades Methanex on Intact Outlook, Share Price Appreciation

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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.

Latest Ratings for MEOH

DateFirmActionFromTo
May 2015JefferiesMaintainsBuy
Apr 2015ScotiaBankDowngradesSector Perform
Mar 2015Raymond JamesUpgradesOutperformStrong Buy

View More Analyst Ratings for MEOH
View the Latest Analyst Ratings

Posted-In: Raymond James Steve HansenAnalyst Color Downgrades Analyst Ratings

 

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