América Móvil S.A. de C.V.'s (AM) 3Q 09 results reported strong y-o-y revenue growth, above our estimate, aided by healthy wireless subscriber additions, primarily in Brazil, Chile and the US. Services revenues experienced strong growth, supported by healthy performance from the Data business while Equipment revenues registered flattish growth in 3Q 09. Despite strong top-line performance, margins were in line with our estimates due to higher-than-expected cost of sales. As 3Q 09 results were broadly in line with our estimates we are likely to maintain our estimates and target price. Thus, in light of these factors and considering current price levels we maintain our HOLD rating for the common stock. As we continue to expect a significant positive currency impact on the ADR over the next 6-24 months and given the current target price we maintain our BUY rating on the ADR. We will reassess our target price and rating in coming weeks.

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