Raymond James analyst Steve Hansen increased his target price for Methanex Corporation (USA) MEOH from $37 to $40 while downgrading the firm's rating for the company from Strong Buy to Outperform.
The target price increase was based on an upturn in global methanol prices over the last six weeks, and the downgrade was based on a 24 percent surge in the company's share price over the past two weeks.
"Global methanol prices have ‘come to life' in recent weeks after a lethargic summer that (frustratingly) saw methanol demonstrably lag versus crude oil and most other energy-related benchmarks. But lag no more," said Hansen.
Methanol spot prices increased by more than 25 percent in the past six weeks, mostly accounted for by several planned and unplanned outages, said Hansen, who also sees "solid macro underpinnings" in the market.
Methanex was trading down about 1.5 percent at $35.13 at time of writing.
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