America Movil upgraded to Buy from Hold at Jefferies

Jefferies analyst Alex Wright upgraded America Movil to Buy from Hold with a price target of $22.22, up from $19.16. The company’s capex guidance of $7B for 2024, down from average $8.4B the past few years, points to a sharp upward inflection in free cash flow generation, the analyst tells investors in a research note. The firm says that with no acquisitions on the horizon and all key 5G spectrum auctions done, America Movil’s growth should be more fully reflected in increased buyback activity.