Coca-Cola Femsa Climbs to Record After UBS Lifts Recommendation

Coca-Cola Femsa SAB (KOFL) climbed to a record in Mexico City trading after UBS AG raised its recommendation on Latin America’s largest Coca-Cola bottler, citing “high” dividend payments.

Coca-Cola Femsa gained 2.2 percent to 80.46 pesos at 12:53 p.m. in New York. The shares have increased 34 percent this year.

UBS raised Coca-Cola Femsa to “neutral” from “sell,” New York-based analyst Gustavo Piras Oliveira wrote in an e- mailed report. UBS also raised its share-price estimate for Coca-Cola Femsa to 82 pesos from 68 pesos.

Grupo Modelo SAB (GMODELOC), Mexico’s largest beermaker, had its share-price estimate boosted to 88 pesos from 75 pesos by UBS, which reiterated that the company is its favorite brewer in the country.

To contact the reporter on this story: Tal Barak Harif in New York at tbarak@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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