SQM downgraded to Sector Perform at Scotiabank on Chile uncertainty

As previously reported, Scotiabank downgraded SQM to Sector Perform from Outperform with a price target of $86, down from $113. Chile’s nationalization plan "leaves too much uncertainty about what the value of SQM’s equity is worth," though a recovery in the lithium spot price should propel the stock forward, "all else equal," the analyst tells investors. In the same note, the firm recommends investors "Sell SQM to Buy Alpek or Orbia" and Scotiabank upgraded Alpek (ALPKF) to Sector Outperform.