Alsea upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs upgraded Alsea to Neutral from Sell with a MXN 64.40 price target. The analyst notes that the broad Restaurant space in LatAm has proved to be less elastic and discretionary than the firm had initially feared. Large operators leveraged their channel diversification, pricing execution, bargaining power with suppliers, expansion intelligence and brand awareness to improve their value proposition, growing their addressable market while taking share from smaller competitors, Goldman Sachs adds.