BMO Capital raised the firm’s price target on SQM (SQM) to $77 from $65 and keeps an Outperform rating on the shares. The firm is adjusting its model to reflect expectations of higher lithium prices as well as the company’s belief that demand will grow from 1.5Mt this year to “more than 1.7Mt” next year after 20% demand growth in 2025, the analyst tells investors in a research note. The imminent resolution around the Codelco JV later in the year may also reduce SQM valuation discount relative to its peers, the firm added.
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