America Movil downgraded to Hold from Buy at HSBC

HSBC downgraded America Movil to Hold from Buy with a price target of $21.50, down from $22.50. The analyst says fixed segment weakness "tempers" the mobile positivity in Mexico and Brazil. America Movil’s premium valuation already reflects its "enormous scale," making a re-rating unlikely, the analyst tells investors in a research note. The firm downgraded the shares citing a lack of catalysts. America Movil’s shareholder remuneration run-rate was below expectations as it slowed its buyback program in 2022 due to higher working capital needs, taxes and pension obligations, contends HSBC.