Raymond James raised its price target on Methanex Corp. (MX.TO, MEOH) to U$60 from US$54 on Tuesday.
Analyst Steve Hansen maintained an Outperform rating on shares of the Vancouver-based methanol company.
Hansen said the higher target reflects "rallying global methanol prices over the past several months in response to sweeping capacity outages across several key production hubs (Iran, Equatorial Guinea, Venezuela)."
"Contract prices have followed in tandem, creating a solid fundamental backdrop for Methanex to generate healthy (excess) free cash flow," the analyst said in a note to clients.
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