Dahlman Rose & Co. Raises Methanex Corporation Estimates

Methanex Corporation MEOH reported 3Q10 revenues of $481 MM and adjusted EPS of $0.11, which was generally in line with lowered expectations, Dahlman Rose & Co. reports. “We have increased our 4Q10 EPS to $0.44 (prior $0.30) and FY11 estimate to $3.19 (prior $2.96) due to favorable shift between produced versus purchased products, improving demand, and a higher price deck,” Dahlman Rose & Co. writes. “We are maintaining our Buy rating but raising our price target to $34 (prior $30), implying a forward P/E and EBITDA multiple of 10.7x and 5.6x, respectively.” Methanex Corporation closed Friday at $27.77.