America Movil upgraded to Buy from Neutral at UBS

UBS upgraded America Movil to Buy from Neutral with a price target of $22, down from $25. The analyst sees a “compelling combo” of improving operations, clearer cash conversion path and “record-low” valuation multiples, which the firm says is pricing in worse free cash flow and an “ever-growing capex” in U.S. dollars. UBS calls America Movil “too cheap to ignore” and believes a positive Q3 report “could be a trigger.”