Methanex (MEOH) could face indirect risk from US tariffs even if it does not export its produced methanol between the US and Canada, Mexico, and China, RBC Capital Markets said in a note emailed Wednesday.
The company is exposed to methanol prices, which in turn are sensitive to global economic activity and energy prices, and a prolonged trade war could hurt the demand, the firm said.
Methanex's financial results are sensitive to methanol prices and a $50 change in the price of methanol per metric ton could result in an impact of around $325 million in adjusted EBITDA run-rate, the firm noted.
RBC Capital noted, however, that so far, the company's reference prices for methanol were unchanged, while the Chemical Market Analytics' methanol price forecast was also largely intact.
The firm maintained its sector perform rating on the stock with a price target of $55.
Price: 41.10, Change: +1.01, Percent Change: +2.52
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