Methanex provides 'solid value at current levels' - Raymond James By Investing.com

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Methanex provides 'solid value at current levels' - Raymond James

Published Sep 19, 2023 11:49AM ET

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Methanex provides 'solid value at current levels' - Raymond James

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Raymond James upgraded Methanex (NASDAQ:MEOH) to Outperform from Market Perform, with a new price target of $60, up from $50 per share, in a note Tuesday.

The firm's analysts said the firm is lifting the stock based on various factors, including methanol finding a floor and spot prices being poised to tighten.

"Spot methanol prices are on the rise after an 18-month protracted slide," they wrote. "Spot prices are poised to tighten further given traditional demand-side factors (Brent prices, MTO op. rates, China stimulus) & near-term seasonal influences."

The analysts added that G3 is poised to commission next quarter, "providing a significant boost to 2024 EBITDA" and FCF, while "stock buybacks are poised to return in 2024 (& beyond) as a key capital allocation tool."

Raymond James also believes that Street estimates are too low, and Methanex shares represent "solid value at current levels."

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