Walmex Cut to Underweight

Mexico research firm Actinver has chopped its recommendation on Walmex to underweight from overweight. Equities analyst Marisol Huerta says Walmex shares are performing better than industry peers but not outperforming the IPC index. In Actinver’s methodology, stocks rated overweight are expected to yield returns considerably higher than IPC. However, Huertas does see Walmex sales continuing to rise short term, and maintains a target of MXP46.00. Walmex shares closed at MXP39.21 April 20.