MEXICO CITY, March 6 Mexican broadcaster Televisa, the world's biggest producer of Spanish-language content, had its stock downgraded to "neutral" by Swiss bank UBS on Wednesday.
"We no longer see sufficient upside to justify a 'Buy' (after) the stock's recent strong performance," the bank said in a client note.
Televisa's share price has risen just shy of 3 percent since the start of the year, and nearly 20 percent since the end of 2011.
Nonetheless, with a telecoms reform in Mexico pending, UBS said it continued to view Televisa's future prospects as solid.
"We continue to like Televisa's core assets and view the company as a long-term winner from Mexico's pending competition laws," it said.
Last month, Televisa reported a higher fourth-quarter profit on solid sales and lower financing costs.
The company's shares closed down 0.1 percent on Tuesday at 70.26 pesos.