Grupo Bimbo downgraded to Underweight from Equal Weight at Barclays

Barclays downgraded Grupo Bimbo to Underweight from Equal Weight with a price target of MXN 68, down from MXN 74. The analyst cites the mixed first half of 2024 results and a shifting preferences in the firm’s Mexican food exposed coverage for the downgrade. Its relative preference remains for the beverage complex, while saying companies with growing and profitable U.S. exposure “could serve as save haven.”