JPMorgan upgrades Sociedad Quimica y Minera stock rating on valuation
JPMorgan has upgraded Sociedad Quimica y Minera (SQM) to Overweight from Neutral, despite lowering its price target to $71 from $88 due to reduced lithium price assumptions. The firm anticipates global lithium deficits in 2026 and 2027, driven by battery energy storage system demand, which could lead to a significant recovery in lithium prices. JPMorgan views SQM as undervalued and expects strong volume and cost performance, preferring it over Sigma Lithium in the Latin American lithium sector.
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