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SQM · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Sociedad Quimica y Minera de Chile SA (SQM) stock moving?
JPMorgan upgraded SQM to Overweight/Buy on Nov 6 and set a $71 price target, which is still well above the Nov 10 close of $54.43. The stock did not hold the upgrade: it closed at $57.52 on Nov 6, slid to $56.70 on Nov 9, and fell to $54.43 on Nov 10, a drop of about 5.4% in three sessions. The Nov 10 close sits near the 30-day low of $53.67 set on Nov 3, and volume on Nov 10 (590K) was well below the 30-day norm of roughly 1M, so the selling looks light rather than capitulatory. The 30-day range runs from $53.67 to $60.67, with the Oct 27 spike to $60.30 the high-water mark. No SEC filings were found in the past 45 days, so there is no fresh earnings, guidance or company-specific operational news to weigh. Net, the single broker upgrade supports the thesis, but the price action has not confirmed it yet.
News behind the analysis
- JPMorgan Chase Upgrades Sociedad Química y Minera de Chile S.A. to BuyJPMorgan Chase raised its rating on SQM to 'Buy'.
- JP Morgan Upgrades Sociedad Quimica Y Minera to Overweight, Lowers Price Target to $71JP Morgan upgraded SQM to Overweight and lowered its price target to $71.
About Sociedad Quimica y Minera de Chile SA
Sociedad Química y Minera (SQM) is a Chilean company that ranks among the world's largest lithium producers, and it is also a leading supplier of iodine, specialty plant nutrients and industrial nitrates. What sets it apart is its low-cost brine operations in Chile's Salar de Atacama, now run through the Novandino Lithium partnership with state-owned copper miner Codelco, together with a hard-rock lithium stake at Mount Holland in Australia.
How it makes money
Most of its revenue usually comes from selling lithium carbonate and lithium hydroxide to battery and electric-vehicle supply chains. Iodine and its derivatives, specialty plant nutrients (such as potassium nitrate), potash and industrial chemicals bring in the rest. Results swing sharply with lithium prices: first-half 2026 revenue was about $4.2 billion, roughly double a year earlier, as lithium prices and volumes recovered. The company also pays large lease payments and taxes to the Chilean state, which were about $1.6 billion accrued in the first half of 2026.
What usually moves SQM
- Lithium carbonate and hydroxide prices
- Electric-vehicle and battery-storage demand
- Chilean politics, lithium policy and the Codelco partnership
- Iodine and fertilizer pricing
- Australian expansion (Mount Holland, Kwinana refinery)