HSBC analyst Alexandre Falcao upgraded SQM to Buy and raised its price target to $35 from $24.50. The analyst expects lithium supply/demand dynamics will remain relatively tight at least until the end of this decade and sees demand remaining robust and growing to 2.5x current levels by 2025, driven by electric vehicles and energy storage applications. Further, the possible entry of Tianqi or another potential bidder into SQM's control block in Chile would be a positive as it could improve corporate governance standards and increase the likelihood of conciliation with CORFO and of a renewal of the brine concession, the analyst wrote.