SQM just upgraded at Goldman Sachs, here’s why

Goldman Sachs upgraded SQM to Neutral from Sell with a $54.50 price target. The firm believes negative news, including earnings pressure from lower lithium prices and potentially no concession renewal for the Salar de Atacama post 2030, is now largely priced-in, which should limit downside risk. At the same time, a sustainable equity price rally is unlikely until the market has clearer visibility on a turnaround in the lithium prime cycle, which is unlikely to materialize before 2027, the analyst tells investors in a research note.