Jefferies analyst Alejandro Anibal Demichelis last night downgraded SQM (SQM) to Hold from Buy with a price target of $50, down from $53. The firm sees the potential restart of Chinese projects skewing lithium price risk to the downside in the near-term. It also sees a more gradual recovery towards the incentive loving-term lithium prices required for new projects. Due do this, Jefferies believes SQM offers a more balanced risk/reward at current share levels.
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