BTIG Neutral on America Movil
BTIG initiated coverage of America Movil Wednesday with a neutral rating. BTIG said the carrier is the fifth largest wireless operator in the world, active in Latin America and in Europe through its Telekom Austria. “We continue to search for…
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a compelling long or short thesis on the company or see a path to a cleaner free cash flow and share repurchase story,” analyst Walter Piecyk wrote. Piecyk said the bankruptcy of Brazilian operator Oi likely marks a turning point for that nation. “Investors have shown little interest in the Brazilian wireless industry in recent years given the economic and political turmoil combined with the inability of the wireless industry to consolidate,” he said. “Large and persistent cuts to mobile termination rates have also presented a stiff headwind to growth. We do not expect telecom investors to come running back to Brazil." Piecyk predicted AT&T is more likely to exit Brazil entirely than expand there.