Grupo Mexico upgraded to Buy from Neutral at Citi

Citi upgraded Grupo Mexico to Buy from Neutral with a price target of MXN 110, up from MXN 90, given some easing in the copper price and an “idiosyncratic valuation discount.” The copper miner’s stock is trading at a greater than 50% discount to a sum-of-parts valuation, which “more than encompasses” elevated Mexico risk, the analyst tells investors.