Methanex "outperform," target price reduced

12/01/08 - Raymond James

NEW YORK, December 1 (newratings.com) - Analysts at Raymond James maintain their "outperform" rating on Methanex Corporation (MEOH), while reducing their estimates for the company. The target price has been reduced from $16 to $13.

In a research note published this morning, the analysts mention that the per barrel oil price estimates for 2009 and 2010 have been reduced from $90 to $60 and from $110 to $80, respectively. There are signs of worsening global methanol demand and the average methanol price estimate for 2009 has been reduced from $285/mt to $270/mt, the analysts say. The EPS estimates for 2008 and 2009 have been reduced from $2.50 to $2.13 and from $1.75 to $0.95, respectively.