Femsa price target raised to $157 from $151 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Femsa to $157 from $151 and keeps a Buy rating on the shares. The company has executed its first share buybacks in recent history, and while it is still small at $1.5M, it is increasing the firm’s confidence on a stronger payout in the future, the analyst tells investors in a research note. The buyback news also comes alongside the execution of the FEMSA Forward strategic review introduced by the management team earlier this year, aiming to simplify the company operations and increase investor visibility around capital allocation and shareholder payout, the firm states.