America Movil price target raised to $19.50 from $17.10 at Scotiabank

Scotiabank raised the firm’s price target on America Movil (AMX) to $19.50 from $17.10 and keeps a Sector Perform rating on the shares. During the company’s Q3 call, the firm notes Colombia’s EBITDA growth is expected to accelerate 200 bps next year, it remains confident in the superiority of its Mexico network, better postpaid performance is leading to better margins, and marketing and acquisition discussions in Chile are in the early stages, the analyst tells investors. In the short term, headwinds include: Starlink as a major broadband player, regulators in Mexico looking to boost government presence in the wireless segment, and some new market entrants, the firm adds.