CIBC raised the firm’s price target on Methanex (MEOH) to $59 from $52 and keeps a Neutral rating on the shares. The firm raised its targets on all fertilizer equities under coverage, as well as Methanex. While the rally in the space since the conflict tin Iran began far exceeds the near-term earnings upside associated with a scenario of elevated spot commodity pricing persisting for two quarters, the firm now sees support for higher sector valuation multiples.
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