America Movil upgraded as Citi sees 'attractive entry point'

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America Movil upgraded as Citi sees 'attractive entry point'
Credit: © Reuters.

Citi analysts upgraded shares of America Movil (NYSE: AMX ) to Buy from Neutral, maintaining a $23.50 per share price target on the stock in a note Thursday.

The analysts raised the stock following a recent pullback, which saw the company's shares drop as low as $18.32 on Wednesday. The stock is up more than 3% so far Thursday, trading above $19.

"We upgrade AMX to Buy after ~20% pullback from recent May highs, while the first stage of the movement is likely explained by concerns about higher Capex," the analysts wrote.

"The second stage has to do with potential outflows at the late August MSCI rebalance, which could still be a ST [short-term] overhang on the stock over the very ST," they added.

They explained that both stages are opening what they believe is an "attractive entry point to add on AMX stocks."

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