Scotia Capital Has Sector Perform Rating On America Movil

Scotia Capital has a Sector Perform rating and a $31 price target on shares of America Movil AMX. In a note to clients, Scotia Capital writes, "The Brazilian Senate approved yesterday a bill allowing foreign companies to control cable operators, as well as fixed-line companies to provide IPTV. AMX already owns (directly and indirectly) a 91.9% stake in NETC, but thanks to this bill, it can exercise, for as little as US$2.3 million, an option to acquire from Globo 2.0% of GB Empreendimentos' voting shares, thus gaining control of NETC." Shares of AMX closed at $23.36 yesterday.