SQM price target lowered to $90.50 from $134 at HSBC

HSBC analyst Santhosh Seshadri lowered the firm’s price target on SQM to $90.50 from $134 and keeps a Buy rating on the shares. SQM and Codelco, Chile’s state owned company, have started the negotiation process to renew SQM’s contract, which is set to expire by 2030, the analyst tells investors in a research note. The firm says SQM’s options appear limited but the ownership of refineries should serve as the key leverage. It believes the share price is already discounting expiry with assets sold at book value.