Coca-Cola Femsa upgraded to Outperform, named a ‘Top Pick’ at Scotiabank

As previously reported, Scotiabank upgraded Coca-Cola Femsa to Outperform from Sector Perform with a $105 price target and MXN 192 price target while also naming the stock a “Top Pick.” The firm is upgrading its sector view on LatAm Bottlers as it argues that after Q4 conference calls, “two things became evident.” Namely, the Bottlers were the only subsector to raise prices across regions with inflation and Bottlers were the only subsector where volume trends were unscathed, calling the sum of those two factors “unique in LatAm Staples.”