Downgrade Alert for Methanex (MEOH)
Methanex (NASDAQ:MEOH) was downgraded from Outperformer to Sector Performer at CIBC today. The stock closed yesterday at $37.49 on volume of 680,000 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.
Methanex share prices have moved between a 52-week high of $73.43 and a 52-week low of $19.50 and closed yesterday at 92% above that low price at $37.49 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has advanced 0.6%.
There is potential upside of 35.6% for shares of Methanex based on a current price of $37.49 and an average consensus analyst price target of $50.83. The stock should find initial support at its 200-day moving average (MA) of $35.61 and further 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 30.2%. 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