Piper Sandler last night upgraded Methanex (MEOH) to Overweight from Neutral with a price target of $48, up from $36. The firm says Methanex’s last quarte may have long-term positive implications for the shares. The increase in the multiple is based on an increase of increased midcycle earnings potential for the company, the analyst tells investors in a research note. Piper believes Methanex’s earnings are moving well below midcycle levels, which should increase the multiple.
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