Methanex price target raised to $69 from $66 at CIBC

CIBC analyst Hamir Patel raised the firm’s price target on Methanex (MEOH) to $69 from $66 and keeps a Neutral rating on the shares, reflecting an improved methanol pricing backdrop that should support accelerated deleveraging. While the firm expects eventual normalization of commodity prices, with the Middle East accounting for about 20% of global methanol production, in the case that prolonged supply disruptions persist, CIBC models an upside scenario of $83 for Methanex.