In a report published Monday, BMO Capital Markets analyst Alexandra Syrnyk downgraded the rating on Methanex Corporation MEOH from Outperform to Market Perform, and lowered the price target from $70.00 to $67.50.
In the report, BMO Capital Markets noted, “We are updating estimates to incorporate higher December North American and Asia posted contract prices. We have also updated our mid-term (+three–four year) global methanol supply/demand balance to incorporate potential supply-side developments…The ~6% increase in December contract prices lifted our Q4/13 and 2014 EBITDA estimates by ~5% and ~1%, respectively. However, since providing a methanol market update in our November 20 comment, two supply-side developments (the OCI build announcement and the Iran nuclear agreement) have emerged that start to soften our previous expectations of continued tight methanol market conditions in the 2017/18 time frame.”
Methanex Corporation closed on Friday at $61.40.
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