Methanex price target lowered to $45 from $50 at RBC Capital

RBC Capital analyst Nelson Ng lowered the firm’s price target on Methanex to $45 from $50 and keeps a Sector Perform rating on the shares. The company’s July reference prices were down 3%-19% from the prior period, and Chemical Markets Analytics reduced its NE Asian methanol price forecast, highlighting a slower than expected demand recovery in China, the analyst tells investors in a research note. The firm adds that it is cautious on the shares of Methanex given the weakness in spot methanol prices and macro uncertainty around a potential recession.