JPMorgan upgraded America Movil (AMX) to Neutral from Underweight with a price target of $21, up from $15. The firm cites the company’s better cash flow outlook and reduced regulatory risks for the upgrade. America Movil’s good execution is driving increased cash flow generation while regulatory risks of receiving free spectrum, which could increase competitive intensity in Mexico, are diminished with changes to the initial telecom reform law, the analyst tells investors in a research note.
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