Grupo Mexico upgraded to Sector Perform from Underperform at Scotiabank

Scotiabank upgraded Grupo Mexico (GMBXF) to Sector Perform from Underperform with a price target of MXN 112, up from MXN 87. The firm now uses a premium valuation multiple for both the company’s Mexican and Peruvian mining assets. Grupo Mexico’s risk/reward proposition now looks balanced, the analyst tells investors in a research note.