Morgan Stanley upgraded America Movil AMX from Underweight to Equal-weight and lowered the price target from $23.00 to $19.00.
Morgan Stanley analyst Michel Morin wrote, "Our previous UW rating reflected our concern that the regulatory and competitive environment would become more challenging. After the recent sell-off, this now appears to be the consensus view. If we assume a Mexican bear case whereby 2015 Mexico EBITDA falls 50% from our previous forecast, we would still see AMX generate EPADR of about $1.45, implying a P/E of 13x. Moreover, near-term results could prove resilient, if AMX cuts customer acquisition and retention costs and/or if they raise prices for their least profitable customers."
America Movil closed at $18.47 on Monday.
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