14:45:00 EDT Tue 14 May 2024
Enter Symbol
or Name
USA
CA



Methanex Corp
Symbol MX
Shares Issued 67,967,572
Close 2023-06-12 C$ 54.15
Market Cap C$ 3,680,444,024
Recent Sedar Documents

Globe says Isaacson cuts Methanex to "sector perform"

2023-06-13 08:41 ET - In the News

The Globe and Mail reports in its Tuesday, June 13, edition that Scotia Capital analyst Ben Isaacson has lowered his recommendation for Methanex to "sector perform" from "sector outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Isaacson gave his share target a $13 trim to $47 (all figures U.S.). Analysts on average target the shares at $53.82. Mr. Isaacson says he is moving to the sidelines on Methanex until free cash flow visibility improves. Mr. Isaacson says in a note: "We had hoped methanol market softness would be brief enough to look through it. But the timing/magnitude of price declines, rising inventory, little-to-no cost curve support (Chinese thermal coal has just collapsed too), as well as continued China macro weakness, means visibility into '24 FCF has become blurred. While we've warned about methanol weakness recently, we had expected the cost-curve to support spot at $300 per metric ton. China averaged $240 last week. The lesson? Downturns make things go down. ... We were wrong for waiting this long to react." The Globe reported on Dec. 1 and June 2 that RBC Dominion Securities analyst Nelson Ng rated Methanex "sector perform." It was then worth $39 and $44.10.

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