Scotia, Deutsche Bank trim lithium miner SQM's PT on weak Q2
** Analysts at Scotiabank and Deutsche Bank cut their price targets for SQM SQMA.SN after the Chilean lithium miner posts a 63% second-quarter profit slump
** Scotia knocks the PT for SQM's ADRs down to $60 a share from $70, while Deutsche Bank trims its PT to $35 from $36
** SQM's Santiago-listed preferential shares SQMB.SN down 1.2% on Thursday while ADRs slip nearly 2.5%. However, prices have remained broadly flat versus before Wednesday's report
** Scotia analysts point to the H1 loss, a capex-heavy schedule - meaning no dividend this year - and flatter expected core earnings from lower lithium prices: "We exit Q2 reporting with a slightly weaker investment case for SQM"
** Scotia says SQM's planned tie-up with state-run copper miner Codelco COBRE.UL "remains actively challenged" with shareholders concerned about higher taxes and new union terms
** "We're no longer concerned about Tianqi's stake," it adds, saying the Chinese shareholder's 002466.SZ opposition to the tie-up should cause no further roadblocks after rulings from Chile's regulator
Reporting by Kylie Madry; Editing by Sarah Morland
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