Methanex price target raised to $60 from $54 at Raymond James

Raymond James raised the firm’s price target on Methanex (MEOH) to $60 from $54 and keeps an Outperform rating on the shares. The firm cites the rallying global methanol prices over the past several months in response to “sweeping capacity outages” across several key production hubs, like Iran, Equatorial Guinea, and Venezuela, for the target increase. Contract prices have followed in tandem, creating a solid fundamental backdrop for Methanex to generate “healthy” free cash flow, the analyst tells investors in a research note. Raymond James has a constructive view of long-term global methanol fundamentals.