Connect with us

CWEB Business News

Methanex’s Price Target Lowered on Rising Recessionary Uncertainties


RBC Capital analysts lowered their price target on Methanex Corporation (NASDAQ:MEOH) to $50 from $55 on rising recessionary uncertainties.
The analysts updated their financial forecast to reflect Chemical Market Analytics’ latest methanol price forecast, and Methanex’s updated reference prices. Methanex’s monthly posted prices were mostly flat for October. Methanex recently reaffirmed its North American and Asia Pacific non-discounted reference prices for October at $585/MT and $410/MT, respectively, but modestly increased its China reference price by 5% to $395/MT (from $375/MT).
The analysts reiterated their Outperform rating as they believe the shares are suitable for investors that have a more constructive view on the economy (i.e., soft landing/minor recession). The analysts reduced their price target to $50 from $55 to reflect a lower 2023 EBITDA estimate and a higher risk of a moderate to deep recession.









More in CWEB Business News

>

FREE

Get the most important news and analyses for Free.

Thank you for subscribing.

Something went wrong.