Jefferies upgraded Wal-Mart de Mexico to Buy from Hold with a price target of $36.36, down from $46.78. The firm sees Walmex as a “good defensive holding in what remains an uncertain investment climate in Mexico.” The stock’s multiples are currently at 25% discount to the 20 year average, and only 10% above historical lows of 2008, the analyst tells investors in a research note.
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