UPDATE: Barclays Starts Fomento Economico Mexicano (FMX) at Overweight; Watching OXXO Spread

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(Updated - July 12, 2012 3:06 PM EDT)

Barclays initiates coverage on Fomento Economico Mexicano (NYSE: FMX) with an Overweight. PT $106.00.

Analyst, Gabriel Vaz de Lima, said, "We like FMX because of its 100% stake in OXXO - a convenience-store chain that quickly became the third-largest retailer in Mexico, with a 10-year EBITDA CAGR of 35% and ROIC above 30%. We believe OXXO can reach up to 35,000 stores from 10,000 currently, based on population attended by store and its relation to demographics and transportation habits."

For an analyst ratings summary and ratings history on Fomento Economico Mexicano click here. For more ratings news on Fomento Economico Mexicano click here.

Shares of Fomento Economico Mexicano closed at $86.53 yesterday, with a 52 week range of $59.93-$91.57.

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