Jefferies Sticks to Its Buy Rating for Methanex Corp

By Austin Angelo

In a report released today, Laurence Alexander from Jefferies reiterated a Buy rating on Methanex Corp (NASDAQ: MEOH), with a price target of $60. The company’s shares opened today at $43.15.

According to TipRanks.com, Alexander is a top 100 analyst with an average return of 12.2% and a 67.0% success rate. Alexander covers the Basic Materials sector, focusing on stocks such as Air Products and Chemicals, Commercial Metals Company, and GCP Applied Technologies.

Methanex Corp has an analyst consensus of Strong Buy, with a price target consensus of $57.83.

Based on Methanex Corp’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $810 million and quarterly net profit of $132 million. In comparison, last year the company earned revenue of $435 million and had a GAAP net loss of $23.4 million.

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Methanex Corp. is a producer and supplier of methanol. The company through its subsidiary, Waterfront Shipping Co. Ltd. operates the methanol ocean tanker fleet. Methanex was founded on March 11, 1968 and is headquartered in Vancouver, Canada.