Morgan Stanley analyst Javier Martinez de Olcoz Cerdan cut his price target on SQM (SQM) shares to $35 from $44 and keeps an Underweight rating on the stock after meeting with the company's new CEO, Corfo, the ministry of mining and other industry contacts in Chile. Following his visit, he is less optimistic about both the possibility of an early lease renewal and the pace of SQM's medium-term expansion, he said, adding that he sees significant potential downside to SQM's consensus forecasts. The analyst continue to see downside to consensus lithium price expectations and also keeps an Underweight rating on Albemarle (ALB).