December 7, 2018 / 9:22 AM / a year ago

BUZZ-Methanex: Jefferies downgrades to "hold"

** Jefferies cuts rating on Canada-based methanol supplier Methanex Corp to “hold” from “buy”; cuts TP to $61 which implies ~18 pct downside to last close

** Jefferies analyst Laurance Alexander, who covers the stock, is rated 4-star for his recommendation and estimates accuracy, as per Refinitiv data

** Alexander expects co’s demand trends to remain choppy, at best, and more likely softer into 2020

** “While we had anticipated an H1 2019 downdraft, we are less confident on the speed, magnitude and duration of the next upswing given cyclical risks in 2019-2020 that could overwhelm secular tailwinds,” says Alexander

** Methanol prices should remain volatile reflecting new production capacity, the addition of downstream capacity and shifting tradeflows in 2018-2020 - analyst

** Stock down ~5.5 pct YTD

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