Gruma upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Gruma to Overweight from Neutral with a price target of MXN 410, up from MXN 350. The firm thinks the market has overreacted to Mexico’s antitrust threats. Although “this might be a long lasting overhang to the stock,” Mexico accounts for just 21% of the normalized EBITDA for Gruma, while the U.S. represents 65% of total and is growing faster than Mexico, the analyst tells investors in a research note.