2024-07-09 21:26:38 ET
Summary
- Downgraded from Buy to Sell due to further political risks from constitutional "reform" and a potential second Trump term.
- The Mexican market has seen a 10% weaker Peso and a 15% decline in the EWW during political uncertainty that can persist in the next 5 months.
- EWW's valuation appears cheap post-sell-off at 11x PE, but analysts' downgrades are likely on weaker FX and increased country risk as we head into the 2Q24 earnings.
Introduction
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EWW: Reduce On Political Risk