Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Pinfra Retreats as Credit Suisse Cuts Rating: Mexico City Mover

Aug. 19 (Bloomberg) -- Promotora y Operadora de Infraestructura SAB, Mexico’s best-performing construction company in 2013, fell the most in 14 months as Credit Suisse Group AG cut its recommendation to the equivalent of hold.

Shares of Pinfra, as the company is also known, fell 4.8 percent to 131.02 pesos in Mexico City trading today, the biggest drop on a closing basis since May 31, 2012. The benchmark IPC index of 35 Mexican companies, which Pinfra will join Sept. 2 in an annual revision of the market gauge, declined 1.3 percent.

Credit Suisse analysts said in a research note to clients that while Pinfra is a “strong operator,” the target price of 129.69 pesos for the company indicates a 6 percent drop from last week’s close. The bank reduced its recommendation to neutral from outperform.

“Market levels have outrun market fundamentals,” Credit Suisse’s Eugenio Amador, Julian Bravo and Bruno Savaris wrote in the research note.

Pinfra, which is based in Mexico City, rallied 60 percent this year through last week, beating infrastructure peers OHL Mexico SAB and Empresas ICA SAB as its 4.43 billion peso ($340 million) follow-on boosted trading. Since the Oct. 4 offering, three-month average volume has tripled to 726,000 shares a day and the price has almost doubled.

To contact the reporter on this story: Jonathan Levin in Mexico City at

To contact the editor responsible for this story: David Papadopoulos at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.