BofA analyst Isabella Simonato lowered the firm’s price target on SQM to $69 from $73 and keeps a Neutral rating on the shares. SQM reported weaker than expected Q2 results, and while the company sees strong demand in lithium, new supply should keep prices flat sequentially in Q3, the analyst tells investors in a research note. The firm sees a downcycle for lithium given the increase in supply as new projects commission and believes fertilizer prices should remain pressured given low soft commodity prices.
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