Wal-Mart de Mexico initiated with a Buy at Citi

Citi initiated coverage of Wal-Mart de Mexico with a Buy rating and MXN 79 price target. The analyst initiated coverage of the Mexico retailers with Walmex as the top pick, followed by Kimberly Clark Mexico. The firm believes the consumer scenario in Mexico will remain favorable in 2024 as the benefits of real wage growth and the forecasted cut in interest rates will help shield consumers from decreases in purchasing power.