UPDATE: Citigroup Downgrades Coca-Cola Femsa to Sell, Raises PT
In a report published Friday, Citigroup downgraded its rating on Coca-Cola Femsa (NYSE: KOF) from Neutral to Sell, but raised its price target from $134.00 to $142.00.
Citigroup noted, “We are cutting our KOF 2013E consolidated EBITDA by 5%, reflecting weaker outlook in South America. We are lowering our South America 2013E EBITDA estimates by 11% based on weaker-than-expected exchange rates in Venezuela and Argentina, as well as lower selling prices in Colombia from heightened local competition. This is partially offset by a 2% higher EBITDA estimate at Mexico & Central America Division.”
Coca-Cola Femsa closed on Thursday at $144.93.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.