Itau BBA resumed coverage of Sociedad Química y Minera de Chile S.A. (SQM) with an Outperform rating and a 12-month price target of $55, implying a 19.9% upside. The pending regulatory measures and investment delays could drive lithium prices up, with the successful approval of the Codelco agreement as a key catalyst for the stock. In a joint venture, SQM and Minera Tarar aim to add 300,000 tonnes of Lithium Carbonate Equivalent annually by 2024 in Salar de Aticama. Codelco secured regulatory approval for a new lithium quota, allowing the extraction of 2.5 million metric tons of lithium metal equivalent from 2031 to 2060.

Read more at Yahoo Finance: Itau BBA Bullish on SQM (SQM) as Lithium Outlook Strengthens