Grupo Bimbo resumed with an Underweight at Morgan Stanley

Morgan Stanley analyst Ricardo Alves resumed coverage of Grupo Bimbo (GRBMF) with an Underweight rating and MXN 49 price target Contrary to the Street, the firm believes Mexico is not as defensive this year, while U.S. growth “remains impaired.” It sees potential for a 10% earnings decline at Grupo Bimbo.