UBS upgraded Methanex to Buy from Neutral with a price target of $60, up from $51. The analyst sees the company transitioning to a period of lower investments and improved cash returns, which the believes are underappreciated. There could still be some near-term volatility in methanol pricing as Methanex starts up its new G3 unit and global demand remains choppy, but market indications suggest methanol prices could move up another 5% to mid-cycle levels, the analyst tells investors in a research note.
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