BofA lowered the firm’s price target on SQM to $38 from $47 and keeps an Underperform rating on the shares after the company announced weaker than expected Q2 results. The firm, which lowered its EBITDA projections in 2024 and 2025 by 23% and 16%, respectively, given lower lithium prices and margins, remains cautious on lithium prices given a market oversupply, with limited signs of production rationality.
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