Methanex (MEOH) PT Lowered to $55 at Cowen; Reiterates Outperform

Cowen lowered its price target on Methanex (NASDAQ: MEOH) to $55.00 (from $60.00) while maintaining a Outperform rating after adjusting estimates. Cowen lowered methanol price deck and earnings projections to reflect pricing issues in the marketplace.

Given the discussions MEOH had with major shareholders, analyst Charles Neivert expects further share repurchases after mid-March 2018, when the current repurchase program expires. 2017 EPS estimates come in at $3.64, 2018 drops to $3.43, reflecting difficult comps in 1H18, with a rebound in 2019 to $4.73.

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