Wal-Mart de Mexico upgraded to Buy from Hold at Jefferies

Jefferies upgraded Wal-Mart de Mexico to Buy from Hold with a price target of $36.36, down from $46.78. The firm sees Walmex as a “good defensive holding in what remains an uncertain investment climate in Mexico.” The stock’s multiples are currently at 25% discount to the 20 year average, and only 10% above historical lows of 2008, the analyst tells investors in a research note.