JPMorgan analyst Lucas Ferreira downgraded SQM to Neutral from Overweight and lowered his price target for the shares to $43 from $51. The stock closed yesterday down 8%, or $3.78, to $41.22. The "material reduction" in lithium volume growth expectations implied in the company's guidance of just "slightly higher" sales volumes in 2019 versus 2018 should drive a de-rating of SQM shares, Ferreira tells investors in a research note. The company has been trading at a "high" 12 times enterprise value to EBITDA, a premium to peers and historical averages, as investors have been paying for high growth through high quality assets and large returns, Ferreira says. However, he believes the "high growth part of the thesis is being questioned."