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CIBC World Downgrades Methanex to Sector Perform


CIBC World downgraded Methanex (MEOH) to sector perform from sector outperform, explaining that the chemicals maker's valuation is now close to a previously set $24 stock price target.

Analyst Jacob Bout still sees non-discounted methanol prices of $315 per tonne in 2006 and $215 per tonne in 2007. He says his methanol price forecast assumes that China becomes a net-exporter of methanol. If China were to continue to be a net importer of methanol through 2007, methanol prices could sustain current levels of pricing, he says. The current average nondiscounted price for methanol is $326 per tonne. Bout maintains his $3.02 2006 earnings per share (EPS) estimate. He raises his $1.65 2007 EPS to $1.94.


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