Methanex Corporation (MEOH) witnessed a significant surge in its stock price during pre-market trading on Wednesday, November 7th, following the release of its strong third-quarter earnings and positive analyst reactions.
The leading methanol producer and supplier reported a 13.6% year-over-year increase in revenue to $935 million for the quarter ended September 2024. Methanex's earnings per share (EPS) of $1.21 also outperformed analysts' expectations, representing a 175% surprise over the Zacks Consensus Estimate of $0.44. The company's robust financial performance was driven by higher sales volumes and improved pricing.
In response to the earnings report, UBS lowered its price target on Methanex slightly to $53 from $54 but maintained a "Buy" rating on the stock, reflecting continued optimism about the company's prospects. The positive sentiment from analysts, combined with the better-than-expected earnings results, contributed to the stock's significant pre-market rally.
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