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Upgrade Alert for Fomento Economico Mexicano (FMX)

By Amy Schwartz

Fomento Economico Mexicano (NYSE:FMX) was upgraded from Hold to Buy at HSBC today. The stock closed yesterday at $94.37 on volume of 425,000 shares, below average daily volume of 580,000.

Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) is an integrated beverage company. The Company through its subsidiaries produces, distributes and markets large-scale soft drinks, beer and convenience stores throughout Latin America, the United States and Mexico.

Over the past year, Fomento Economico Mexicano has traded in a range of $77.47 to $102.72 and closed yesterday at $94.37, 22% above that low. The 200-day and 50-day moving averages have moved 0.04% lower and 0.47% lower over the past week, respectively.

Potential upside of 13.6% exists for Fomento Economico Mexicano, based on a current level of $94.37 and analysts' average consensus price target of $107.21. The stock should find initial support at its 50-day moving average (MA) of $92.98 and further support at its 200-day MA of $92.30.

SmarTrend is monitoring the recent change of momentum in Fomento Economico Mexicano. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Fomento Economico Mexicano in search of a potential trend change.

Keywords: analyst upgrades/downgrades fomento economico mexicano

Ticker(s): FMX