America Movil downgraded at UBS amid competition, weak macro environment

UBS analyst Leonardo Olmos downgraded America Movil (AMX) to Neutral from Buy with a price target of $19.60, down from $21.40. The stock has performed strongly since last month’s weak earnings and “uninspiring” outlook for 2025, with shares up 12% year-to-date, and up 20% from the 2025 bottom in mid-April, the analyst tells investors in a research note. The firm expects a weakening macro environment in most of Latin America and tougher competition in Mexico to continue limiting growth.