Gruma upgraded to Equal Weight from Underweight at Barclays

Barclays upgraded Gruma to Equal Weight from Underweight with a price target of MXN 380, up from MXN 350. The analyst cites the mixed first half of 2024 results and a shifting preferences in the firm’s Mexican food exposed coverage for the upgrade. Its relative preference remains for the beverage complex, while saying companies with growing and profitable U.S. exposure “could serve as save haven.”