Becle downgraded to Underweight from Overweight at JPMorgan

JPMorgan double downgraded Becle (BCCLF) to Underweight from Overweight with a price target of MXN 20, down from MXN 43. The firm sees downside risks for its core thesis of a multi-year margin expansion not to be materialized at the magnitude and pace originally anticipated. Becle is seeing pricing pressure in its major regions, driven by a longer than expected demand normalization period and heightened competitive pressure in its core categories, the analyst tells investors in a research note.