America Movil downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank analyst Andres Coello downgraded America Movil to Sector Perform from Outperform with a price target of $22.10, down from $24.40. Since the price restoration story in Mexico began in October of 2016, America Movil’s ADR has returned a total 110%, if including dividends and the LASITE spinoff, and the share price in U.S. dollars is “near its highest point in a decade,” notes the analyst. In addition to valuation, the firm cites lower EFCF projections and concerns about the regulatory outlook in Mexico.