Shares of Mexican media company Grupo Televisa SAB could surge 20 percent in a year to $30 or more, according to Barron's.

In an article published Sunday, the U.S. business magazine cited a recent positive earnings report and Televisa's "three ways to win" in the Mexican media market, including cable, satellite and broadcast television operations.

The stock traded around $26 as of Friday.

"Grupo Televisa's U.S.-listed shares (ticker: TV)...look undervalued, having sat out the strong rally in most U.S. cable and media stocks in the past year," Barron's wrote.

Grupo Televisa’s U.S.-listed shares (ticker: TV), now $26.44, look undervalued, having sat out the strong rally in most U.S. cable and media stocks in the past year, Barron's said.

"Mexico’s economic backdrop and the state of U.S./Mexican relations are major investor worries, given President Donald Trump’s trade and immigration initiatives, which have caused an outcry in Mexico, dented consumer confidence, and may depress the Mexican economy this year," the report said.

"Yet Grupo Televisa’s better-than-expected earnings report, released last Thursday, showed fourth-quarter gains in both revenue and operating income of about 9%. Fourth-quarter ad sales were up 4%, against expectations of about zero, and the company said advertising deposits—an indication of 2017 ad sales—were up 8.9% versus the year-earlier period."