While Fomento Economico Mexicano, S.A.B de C.V’s (FEMSA) 4Q 09 revenues and operating income were in line with our estimates, adjusted1 net income was below our expectation due to higher-thananticipated net minority income and other expenses. Going forward, we expect top-line growth to be supported by healthy revenue growth from Coca-Cola Femsa and Femsa Comerica, coupled with ongoing efforts to open new stores....

Going forward, we expect Coca Cola Femsa to register strong top-line growth, driven by growth in revenues from Mexican operations. In addition, we expect revenues to be further bolstered by robust growth in volumes from Jugos Del Valle. Furthermore, higher volumes, backed by expansion of the Brisa brand in Colombia and the sparkling beverages brand and Jugos del Valle are expected to drive the Latincentro division’s top-line going forward....

Fomento Economico Mexicano, S.A.B. de C.V.'s (FEMSA) common stock has appreciated significantly since our previous update report and achieved our target price on 01 October 2009, closing at MXN57.80. The increase primarily reflected positive investor sentiment related to the company's intention to sell part or all of its beer operations (FEMSA Cerveza) according to a press release dated 01 October 2009. Although the target price now supports a SELL rating…