JP Morgan Maintains Underweight Rating for America Movil: Here's What You Need To Know

JP Morgan has decided to maintain its Underweight rating of America Movil AMX and lower its price target from $19.00 to $17.50.

Shares of America Movil are trading down 0.26% over the last 24 hours, at $18.85 per share.

A move to $17.50 would account for a 7.16% decline from the current share price.

About America Movil

America Movil is the largest telecom carrier in Latin America, serving about 310 million wireless customers across the region. It also provides fixed-line phone, internet access, and television services in most of the countries it serves. Mexico is the firm's largest market, providing about 40% of service revenue. Movil dominates the Mexican wireless market with about 63% customer share and also serves about half of fixed-line internet access customers in the country. Brazil, its second most important market, provides about 30% of service revenue. Movil sold its low-margin wireless resale business in the U.S. to Verizon in 2021 and now owns a 1.4% stake in the U.S. telecom giant. The firm also holds a 51% stake in Telekom Austria and a 17% stake in Dutch carrier KPN.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.