Methanex target upped at BMO on strong methanol prices, gas availability

|About: Methanex Corporation (MEOH)|By:, SA News Editor

BMO raises its stock price target for Methanex (MEOH -0.5%) to $47 from $39, citing rapidly rising methanol prices and improving gas availability in Chile and Egypt.

“Spot prices have risen strongly in November, but we believe Chinese spot prices might be higher than investors believe and December contract prices will rise much higher than estimates,” BMO's Joel Jackson writes.

Also, the firm says MEOH believes it may have 100% gas availability until the summer in Egypt, potentially the longest stretch of continuous gas in years, and the Chile I plant could rise to full rates within weeks for the first time in years.