CIBC analyst Hamir Patel lowered the firm’s price target on Methanex (MEOH) to $55 from $63 and keeps an Outperformer rating on the shares. After meeting with Methanex CEO Rich Sumner, the firm moderated its target due a reduction in its valuation multiple as the firm believes the market will need to see demonstrated consistent operating performance from the company’s G3 plant that is currently idled before affording the company a higher multiple.
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