Telefonos de Mexico SAB, Mexico’s biggest phone company, declined the most in almost five months after UBS AG cut its recommendation to “neutral” from “buy.”
Telmex shares dropped 2.5 percent to 10.28 pesos at 4:00 p.m. New York time, the biggest fall since July 15. The U.S.- listed shares sank 2.5 percent to $16.63.
UBS changed its recommendation after a rally this week pushed the U.S.-listed shares above the previous $16.20 target, according to a research note from analyst Tomas Lajous. The new target is $17.20
UBS also increased its price target to 11.70 pesos from 11 pesos for the Mexico-listed shares.
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