 Morgan Stanley analyst Ricardo Alves upgraded Femsa or Fomento Economico Mexicano SAB De CV NYSE:FMX to Overweight from Equal Weight with a price target of 92, up from 90 23 upside. Alves calls his change in rating mostly a valuation call as he thinks overall fundamentals have not changed significantly over the past few months but Femsa local shares are down about 7 this month. 