JPMorgan analyst Marcelo Santos downgraded America Movil to Underweight from Neutral with an unchanged price target of $19. The analyst views the stock’s current valuation multiple as "demanding" and sees better options among Latin American telcos. The firm acknowledges America Movil’s capital discipline and predictability, but believes "this is well incorporated into prices." It also sees "more limited positive triggers" for America Movil going forward.
Published first on TheFly
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