UPDATE: HSBC Global Research Upgrades Sociedad Quimica y Minera de Chile to Neutral, Raises PT on Preference for Phosphates

In a report published Monday, HSBC Global Research analyst Yonah Weisz upgraded the rating on

from Underweight to Neutral, and raised the price target from $26.00 to $31.00. In the report, HSBC Global Research noted, “Investors have been battered by storms in all three nutrient sectors as major disruptions hit the broad fertiliser world in the past six months. As a result, time horizon and risk/reward have become much more important factors for investment decisions. Urea prices may have bottomed out, though lack near-term catalysts. Potash producers are still reeling, but we think the worst of the crisis has passed, and prices may rise in the medium term. The eventual return of Indian demand means phosphates have the clearest road to recovery, and this nutrient is our preferred of the three.” Sociedad Quimica y Minera de Chile closed on Friday at $27.28.