UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Removes PT on America Movil SAB de CV Following News of AT&T/DirecTV Deal

In a report published Monday, Morgan Stanley analyst Michel Morin reiterated an Equal-Weight rating on America Movil SAB de CV AMX, but removed the $20.00 price target. In the report, Morgan Stanley noted, “Given DTV's significant presence in LatAm's Pay TV market, AT&T also announced that it plans to divest its approximate 8% stake in AMX, and its three appointees plan to resign from AMX's board. This comes as a big surprise to us, as the T-AMX relationship dates back to the privatization of AMX's former parent, Telmex, and we had come to expect that the two companies would continue to work together as strategic partners, especially given the prospect that the sector will likely continue to consolidate on a global basis in order to restore the balance of power within an ecosystem that now includes powerful global firms such as Apple, Samsung, Google, and Facebook.” America Movil SAB de CB closed on Friday at $20.43.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsMichel MorinMorgan Stanley
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