America Movil price target raised to $18.40 from $17.20 at Scotiabank

Scotiabank analyst Andres Coello raised the firm’s price target on America Movil to $18.40 from $17.20 and keeps a Sector Perform rating on the shares. The company’s shares are lower following the released news that capex in 2025 and 2026 could be higher than in 2024, the analyst tells investors. Further, the firm believes the competitive situation in Mexico is risker than what the Street is willing to consider. Overall, Scotiabank is staying on the sidelines.