Scotiabank upgrades SQM to Outperform, sees ‘unique valuation opportunity’

As previously reported, Scotiabank upgraded SQM to Outperform from Sector Perform with an unchanged price target of $84. The firm sees a “unique valuation opportunity,” while it also cites the $1B acquisition of Azure and what it calls “perhaps the biggest catalyst in corporate history.” Investor feedback suggests “the market will reward any reasonable SQM/Codelco agreement” since “all the market wants is certainty, irrespective of deal economics,” the analyst contends.