1Q 08 revenues and operating results for America Movil S.A. de C.V (AM) were below our and market expectations. However, during the quarter AM continued to make robust additions to its wireless subscriber-base with healthy growth mainly from Argentine and Brazilian operations. Given its strong position in the Latin American wireless markets, we foresee healthy growth potential. However, as at current levels the common stock no longer supports a BUY rating we are downgrading the common stock to a HOLD until we reassess our estimates in our next update report. We do not anticipate a change in the current ADR rating as we continue to anticipate a significant positive currency impact on the ADR over the medium term.

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