UPDATE: J.P. Morgan Reiterates Neutral Rating, Lowers PT on America Movil on Continued Cautious View

In a report published Friday, J.P. Morgan reiterated its Neutral rating on America Movil

, but lowered its price target from $28.00 to $23.00. J.P. Morgan noted, “We maintain our cautious stance on AMX, despite the 18% underperformance vs. MEXBOL in the last 3 months (-5% in absolute terms), on four key accounts: (1) declining revenue growth, (2) rising subscriber acquisition and retention costs, resulting in lower margins, coupled with rising costs; (3) deterioration in regulatory environment in key markets of Mexico and Colombia; (4) use of cash flows to invest in assets outside core LatAm region. We cut our PT to $23/ADR (from $28) and keep our cautious view.” America Movil closed on Thursday at $21.98.