SQM upgraded to Buy from Hold at Jefferies

Jefferies upgraded SQM to Buy from Hold with a price target of $62.80, up from $52. The firm sees potential for the company to unlock significant value in its holding vehicles through the simplification of the structure. Jefferies believes shares of SQM offer “attractive value” given the reshaping that the company is undergoing. The market underappreciates its low cash cost advantage in lithium and the potential value uplift from the agreement to extend its Chilean lithium concession out from 2030 to 2060, the analyst tells investors in a research note.