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home / news releases / SQM - Albemarle SQM upgraded at Citi on EV-led lithium momentum

SQM - Albemarle SQM upgraded at Citi on EV-led lithium momentum

Sociedad Quimica y Minera S.A.
Albemarle (ALB) +2.4% and Sociedad Quimica y Minera de Chile (SQM) +1.6% pre-market after both are upgraded to Buy from Neutral with respective $184 and $62 price targets at Citi, which says it is turning more bullish on the lithium companies due to stronger electric vehicle momentum.Citi's P.J. Juvekar cites "EV momentum in China and Europe, the dissipation of excess lithium inventory, and announcements by OEMs like GM to go all-electric by 2035" for his bullishness, with momentum to continue as several lithium projects were delayed over the last two years.Juvekar expects 2021 will be "the year of volumes" and 2022 will be "the year of price" in lithium.SQM has the most exposure to spot prices and should benefit first; for ALB, in addition to lithium, Juvekar like its Bromine and Catalysts divisions, which are "cash cows" that should support lithium growth.

For further details see:

Albemarle, SQM upgraded at Citi on EV-led lithium momentum
Stock Information
Company Name: Sociedad Quimica y Minera S.A.
Stock Symbol: SQM
Market: NYSE
Website: sqm.com
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