JPMorgan analyst Andre Baggio upgraded America Movil to Overweight from Neutral and raised his price target for the shares to $17 from $16. The potential harm of anti-preponderance measures in Mexico, including further regulation and increasing competition, may have been overstated, Baggio tells investors in a research note. He believes America Movil has been "proving that it can adapt and cope with the tougher regulation." The analyst cites the "benign" competitive environment in Mexico as well as improving trends in Brazil for his upgrade of America Movil to Overweight.