Methanex price target lowered to $40 from $62 at Raymond James

Raymond James lowered the firm’s price target on Methanex (MEOH) to $40 from $62 and keeps an Outperform rating on the shares. The firm cites a weaker macroeconomic outlook, lower energy prices, and retracing global methanol prices after a seasonally strong winter for the target cut. Methanol prices have retreated 22% year-to-date, slipping as idled winter capacity restarts and global economic concerns escalate, the analyst tells investors in a research note. However, the firm says Methanex shares have “recently tripped some key value thresholds that historically represent very attractive entry point.”