Becle initiated with a Buy at Citi

Citi initiated coverage of Becle with a Buy rating and MXN 53 price target, citing a growing total addressable market for tequila, which is expanding faster than other alcoholic beverages. The firm also cites a strong presence in the U.S. market, where not only the popularity of tequila is increasing but the company also has a growing consumer for Cuervo’s strategic premium product innovations.