Goldman Sachs upgrades Alsea stock rating to Neutral

Published on 10/13/2026 at 11:07 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Goldman set a MXN 52.30 target for Alsea stock on September 25, 2026. Q2 net income fell 48.40 percent to MXN 528 million.

Key points in brief

Goldman Sachs upgraded Alsea to Neutral and set a MXN 52.30 target on September 25, 2026.
Second-quarter 2026 sales fell 0.90 percent to MXN 20.21 billion.
Second-quarter 2026 net income dropped 48.40 percent to MXN 528 million.
Alsea is scheduled to report third-quarter 2026 results on October 20, 2026.

Alsea, MXP001661315, Illustration mit AI erstellt.

Alsea (ISIN MXP001661315) had its rating upgraded from Sell to Neutral by Goldman Sachs on September 25, 2026, which set a MXN 52.30 price target. The change followed second-quarter 2026 results showing a 48.40 percent decline in net income to MXN 528 million, according to Investing.com.

Goldman changes its stance

Goldman Sachs previously rated Alsea Sell and cited the discretionary nature of restaurants and the sensitivity of Mexican demand. Its September 25, 2026 assessment put the new MXN 52.30 target against a backdrop of weaker consumption and a reduction in Alsea's fiscal 2026 same-store sales guidance, as Investing.com reported.

The rating move is tied to valuation rather than a clean earnings recovery. Goldman described Alsea as structurally better positioned, citing a leaner portfolio, efforts to restart same-store sales growth, free cash flow generation and a stronger balance-sheet position.

Q2 sales and profit weaken

In the second quarter of 2026, total sales fell 0.90 percent to MXN 20.21 billion, while EBITDA declined 6.20 percent to MXN 2.80 billion. Net income fell 48.40 percent to MXN 528 million, with softer Mexican consumer demand, foreign-exchange fluctuations and lower operating leverage cited as factors, according to Investing.com.

What does the next report test?

The counter-signal came from operating trends within the same second-quarter period. Foreign-exchange-adjusted sales increased 3.50 percent and same-store sales rose 2.60 percent, giving the next report a clear test: whether underlying demand can offset pressure on reported profit.

Three recent milestones

On September 25, 2026, Goldman Sachs upgraded Alsea from Sell to Neutral and set a MXN 52.30 target. In the second quarter of 2026, sales declined 0.90 percent to MXN 20.21 billion. On October 8, 2026, the analyst calendar listed third-quarter 2026 earnings for October 20, 2026, according to MarketWatch.

Upcoming reporting date

MarketWatch lists October 20, 2026, as the date for Alsea's third-quarter 2026 earnings. The same page shows a consensus earnings-per-share estimate of USD 0.89 for that quarter, compared with actual earnings per share of USD 0.66 in the second quarter of 2026.

Alsea's operating footprint

Alsea describes itself as a restaurant operator active across Latin America and Europe, with brands in fast food, coffee shops and full-service restaurants. Its investor-relations page identifies the group as a multi-brand operator and lists 1,929 fast-food units, 1,964 coffee-shop units and 908 full-service restaurant units.