America Movil upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs upgraded America Movil to Buy from Neutral with a price target of $22, up from $21. The analyst now expects the company’s results to improve as competitive trends are turning around and new capex guidance supports cash generation. America Movil’s relative valuation also looks more attractive now versus historical levels and large-cap telco peers, with potential catalysts including further improvement in results and exposure to Mexico macro trends, the analyst tells investors in a research note.