总出场：17
团队首次亮相：1995年
摩根士丹利的小队带领米歇尔莫林在纽约队的第一个阵容中的第一名。2011年9月，团队在墨西哥服务提供商AméricaMóvil上发起了覆盖范围，并在分析师于2013年3月升级了股票到平等的权重。股票落后于平等Latin America’s emerging markets by 33.2 percentage points over that period, falling 22 percent, to 11.60 Mexican pesos. “We have been concerned that the regulatory environment in Mexico was becoming more challenging and that competitors would gradually become stronger and better positioned to gain market share, producing a steady erosion in AMX profitability in its most important market,” Morin says. Indeed, in July, management announced it would sell assets in its home country to reduce its market share and regulatory burden ahead of changes set to take effect in August. Later that month, Morin and his colleagues downgraded the shares to sell, with the stock at 15.47 pesos, but they maintained their target price of 19 pesos. Overall, they are positive on the prospects for the region’s technology subsector, have a cautious view of telecoms names and maintain an in-line stance on media players. “In technology we like the long-term growth outlook as well as the attractive nature of recurring-revenue and asset-light business models,” he explains. “In telecoms the current situation and outlook for the sector vary greatly by country. But generally speaking, it is an industry where companies often struggle to earn a return above their cost of capital. Investors always need to be very selective.”