SQM price target lowered to $55 from $71 at Loop Capital

Loop Capital lowered the firm’s price target on SQM to $55 from $71 and keeps a Hold rating on the shares. The firm’s model changes reflect the continued downward pressure on lithium prices, which will undoubtedly impact the company’s performance over the near-term, resulting in adverse optics in and around its Q4 results while impacting the cadence of the business entering 2024, the analyst tells investors in a research note. A generally constructive longer-term thesis remains very much intact, but near-term fundamentals and sentiment are likely to remain challenged, Loop added.