Mexico's Youth and Consumers Will Fuel Santander Mexico's Growth
After transferring coverage to a new analyst, we are downgrading our moat rating for Grupo Financiero Santander Mexico to none from narrow. In addition, we are decreasing our fair value estimate to $6 from $9 per ADR share as a result of our expectations for slower loan growth and our unenthusiastic view of Mexico’s economy. We have reassessed our opinion of the level of competition in Mexico’s banking industry and believe that long-term returns for Santander Mexico will only be comparable with ...
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