America Movil price target lowered to $16.10 from $19.70 at Scotiabank

Scotiabank lowered the firm’s price target on America Movil to $16.10 from $19.70 and keeps a Sector Perform rating on the shares. In absence of an acquisition, there are only two things that could make a telecom stock in Latin America go up: stronger equity free cash flow generation or lower funding costs, such that the appeal of equity versus bonds increases, and America Movil is not delivering on either front this year, the analyst tells investors in a research note.