Methanex (MEOH) shares plummeted 5.26% in Monday's pre-market trading session, following a significant target price cut by Scotiabank. The stock's sharp decline comes as investors react to the lowered expectations from a major financial institution.

Scotiabank, in a note released early Monday, reduced its target price for Methanex from $50 to $48. This 4% reduction in the target price appears to have triggered a sell-off, leading to the stock's substantial decline. The bank's decision to lower its price target could signal concerns about Methanex's future performance or valuation.

While the specific reasons behind Scotiabank's target price cut were not immediately clear, such adjustments often reflect changes in a company's financial outlook, industry trends, or broader economic factors. Investors will likely be watching closely for any further analyst commentary or company announcements that might provide more context to this development and its potential impact on Methanex's future stock performance.