Grupo Mexico downgraded to Hold at Jefferies on valuation discount

As previously reported, Jefferies analyst Alejandro Anibal Demichelis downgraded Grupo Mexico (GMBXF) to Hold from Buy with a price target of MXN 165, up from MXN 145. Reflecting the firm’s new copper price deck, the firm raised its 2025-26 EBITDA estimates for Grupo Mexico and Southern Copper (SCCO). While the firm keeps a Buy call on Southern, it downgraded the parent Grupo Mexico as the firm sees its bid for Banamex as likely widening its valuation discount in the near term.