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Downgrade Alert for Methanex (MEOH)

By Shiri Gupta

Methanex (NASDAQ:MEOH) was downgraded from Strong Buy to Outperform at Raymond James today. The stock closed yesterday at $35.03 on volume of 911,000 shares, below average daily volume of 1.0 million.

Methanex Corporation produces and markets methanol. The Company's product is used to produce formaldehyde, acetic acid and a variety of other chemical intermediates. Methanol is also used as an additive in gasoline and is used in fuel cell applications.

Over the past year, Methanex has traded in a range of $19.50 to $73.43 and closed yesterday at $35.03, 80% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has slid 0.9%.

Methanex has overhead space with shares priced $35.03, or 31.1% below the average consensus analyst price target of $50.83. The stock should find resistance at its 200-day moving average (MA) of $35.61, as well as support at its 50-day MA of $33.35.

SmarTrend recommended that subscribers consider buying shares of Methanex on August 23rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $29.76. Since that recommendation, shares of Methanex have risen 19.9%. We continue to monitor MEOH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades methanex

Ticker(s): MEOH