Grupo Bimbo upgraded to Outperform from Sector Perform at Scotiabank

Scotiabank upgraded Grupo Bimbo (GRBMF) to Outperform from Sector Perform with a price target of MXN 78, down from MXN 84. The company’s investment rates will decelerate, the U.S. will improve, and its leverage will start declining, the analyst tells investors in a research note. The firm says the stock is trading at a decade-low multiple, and that if “history is anything to go by, this is around the time when buying is a good idea.”