Femsa price target lowered to $118 from $125 at Barclays

Barclays lowered the firm’s price target on Femsa (FMX) to $118 from $125 and keeps an Overweight rating on the shares. Following the Q3 earnings, the firm tuned down price targets for the majority of its Mexico consumer coverage, driven by results and a new country risk premium. It stays optimistic on beverage demand and is still cautious on currency headwinds in South America and discretionary spending.