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Bear of the Day

We are downgrading our recommendation on Methanex Corp. (MEOH) to Underperform following its lower-than-expected second-quarter 2012 results. Revenues and earnings missed Zacks Consensus Estimates by a wide margin.

Shortage of natural gas supplies has been a headwind for some time now and is expected to continue in the near-term. The company's production has taken a hit due to curtailment in natural gas supplies and constrained revenues. Moreover, methanol prices depend upon factors such as economic health and demand.

With the current economic situation being sluggish, Methanex may face more headwinds due to constrained spending in end-markets. Our price target of $26 is based on 10.9x our fiscal 2012 earnings estimate.

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