UPDATE: Bank of America Upgrades Grupo Televisa; Raises PO

According to a research report published this morning, Bank of America has upgraded Grupo Televisa TV from Neutral to Buy, and raised PT from $23 to $25. In the report, Bank of America said, "TV reported much stronger than expected numbers in 1Q12 across all its businesses. Though we think that seasonality helped in 1Q12, pick up in advertising across industries and the revenue acceleration seen in all the other Televisa businesses suggest upside potential to our forecasts." Grupo Televisa closed yesterday at $20.46.