MEXICO CITY, March 6 (Reuters) - Shares in Mexican broadcaster Televisa, the world's biggest producer of Spanish-language content, fell 2.3 percent after Swiss bank UBS cut its recommendation on the stock to "neutral" on Wednesday.
Televisa was the worst performing stock in Mexico's 35-name benchmark IPC index, down 1.58 pesos to 68.68 pesos in morning trading.
"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 had risen just shy of 3 percent since the start of the year, and nearly 20 percent since the end of 2011.
Nonetheless, with Mexico's government planning to reform the country's telecom sector to introduce more competition, 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.