Davenport Downgrades America Movil (AMX) to Neutral; Subscriber Growth Concerns
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Davenport downgrades America Movil (NYSE: AMX) from Buy to Neutral, suspends $52 price target.
Davenport analyst says, "We are concerned that most of the company’s subscriber growth is obtained from its low margin operations in the U.S. and Brazil (Brazil represented 52% of America Movil’s Latin American subscriber additions in Q-3 09). We consider America Movil close to fairly valued, trading at 14 times our fiscal 2009 operating EPS estimate, with an enterprise to 2009 operating cash flow multiple of 7.0 times, inline with its estimated growth rate."
To see more analyst ratings on AMX Click Here.
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