America Movil upgraded to Buy from Hold at HSBC

HSBC upgraded America Movil to Buy from Hold with a $21.50 price target. The company focuses more on volume growth and market share gains rather than on price increases, the analyst tells investors in a research note. The firm says that given America Movil’s exposure to markets with a better pricing power score in Latin America – Brazil and Mexico – along with its strong growth in these markets, it is bullish on the structural growth of the company.