America Movil upgraded to Buy from Neutral at Citi

Citi analyst Andres Cardona upgraded America Movil to Buy from Neutral with an unchanged price target of $23.50. The analyst cites valuation for the upgrade following the stock’s 20% from the recent May highs. The firm sees an attractive entry point and thinks America Movil’s buyback program is “likely to speed up” over the second half of 2023. Higher capex concerns are now incorporated by consensus, maybe in excess, the analyst tells investors in a research note.