We have rolled over our target price to YE22e at MXN54.0/share, up from MXN48.0/share for YE21e. That said, we have downgraded Bimbo to Market Perform, due to a modest operating growth profile (EBITDA CAGR 20-25e of 3.7%), after three consecutive years of 20.0% annual average EBITDA growth, combined with the apparent lack of significant long-term operating drivers. Furthermore, we could not rule out downside risks to our short-term estimates, specifically for North America, due to commodity price volatility and a possible return to pre-pandemic consumer trends in the US.