UBS analyst Leonardo Olmos downgraded America Movil to Neutral from Buy with a price target of $22.50, up from $20.40. The stock has risen 30% since 2022’s bottom in mid-October, noted Olmos, who remains positive on the company’s momentum, but aside from forex is not changing his financial forecasts as he rolls his target multiple to 2024. His target multiple is already 40% above LatAm peers’ trading multiple and, historically, the stock "does not trade above such levels for a sustained period of time," Olmos tells investors.
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