AMX has spent April quietly accumulating gains while short sellers head for the exit — a rare combination of price strength and positioning relief for a stock that spent much of the first quarter under pressure.
The most striking data point is the pace of short covering. Estimated short interest in the NYSE-listed ADR has fallen by more than half over the past month, dropping around 53% in absolute share terms. The bulk of that move came in mid-April, when positions collapsed from roughly 7.3 million shares to just over 4.1 million in the space of a week. That's not a squeeze — availability is wide open and borrowing costs remain negligible at 0.49% annualised — but it is a clean signal that bears are stepping away from a trade that has stopped working. With SI at just 0.021% of the ADR's free float, short interest is now a non-factor.
Options positioning reinforces the constructive read. The put/call ratio has drifted to 0.31, meaningfully below its 20-day average of 0.40, and well off the defensive readings above 0.50 that persisted through early April. The shift is consistent with the broader price move: calls are now the dominant instrument, suggesting traders who remained cautious through the tariff-driven volatility of early April have largely rotated back into directional upside exposure. The 52-week PCR range runs from 0.10 to 2.29 — at 0.31, the current reading is firmly in bullish territory but far from extreme.
The Street has been gradually moving in the same direction. UBS raised its price target to $31.50 on April 23 while reaffirming its Buy rating — that's the most recent action, and it places the bull case roughly 20% above the current price of $26.18. JP Morgan and Scotiabank have also lifted targets in recent months, though both maintain neutral-leaning ratings. The consensus mean target of around $26.70 barely clears the current price, which implies that the bulk of the analyst community views AMX as fairly valued at current levels. Bulls and bears differ mainly on how much credit to give the stock for its operational turnaround in Mexico and Latin America; the divide is less about direction than about degree.
The ownership picture is essentially static — and that's by design. The Slim family holds effective control through a trust and affiliated vehicles accounting for nearly half the outstanding share base. Carlos Slim Domit reported a large reduction in his direct stake in March, but the family's combined grip on the company remains intact. BlackRock added roughly 40 million shares through March, and Vanguard and Fidelity both trimmed or held steady. With the register this concentrated and institutional activity relatively muted, any price discovery happens at the margin.
AMX is up 26.7% year-to-date, with Q1 results already in the rearview mirror — last month's earnings print produced a two-day round trip of roughly -2% then +1.4%, a muted reaction that gave neither bulls nor bears much to work with. The next earnings call is scheduled for July 14, leaving a ten-week window where the stock will trade primarily on macro factors: the Mexican peso, emerging-market sentiment, and how global investors position around LatAm telco exposure. That's the frame worth watching heading into summer.
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