Millicom International Cellular (NASDAQ:TIGO) Hits New 1-Year High Following Analyst Upgrade

Millicom International Cellular SA (NASDAQ:TIGO)’s stock price hit a new 52-week high during trading on Friday after UBS Group upgraded the stock from a neutral rating to a buy rating. UBS Group now has a $70.00 price target on the stock, up from their previous price target of $49.00. Millicom International Cellular traded as high as $57.65 and last traded at $57.56, with a volume of 558380 shares changing hands. The stock had previously closed at $56.03.

Several other brokerages also recently weighed in on TIGO. Zacks Research upgraded Millicom International Cellular from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 19th. Weiss Ratings restated a “buy (b)” rating on shares of Millicom International Cellular in a report on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on Millicom International Cellular from $55.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, November 17th. Scotiabank raised their price target on shares of Millicom International Cellular from $46.10 to $46.80 and gave the stock a “sector perform” rating in a research report on Friday, November 7th. Finally, Wall Street Zen raised shares of Millicom International Cellular from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 11th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $46.97.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Smartleaf Asset Management LLC raised its stake in shares of Millicom International Cellular by 155.4% during the third quarter. Smartleaf Asset Management LLC now owns 516 shares of the technology company’s stock valued at $25,000 after purchasing an additional 314 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new position in Millicom International Cellular during the 3rd quarter valued at about $26,000. Blue Trust Inc. raised its position in shares of Millicom International Cellular by 736.2% during the 4th quarter. Blue Trust Inc. now owns 485 shares of the technology company’s stock worth $27,000 after buying an additional 427 shares in the last quarter. Alpine Bank Wealth Management acquired a new stake in shares of Millicom International Cellular in the 3rd quarter worth approximately $28,000. Finally, Spire Wealth Management acquired a new stake in shares of Millicom International Cellular in the 4th quarter worth approximately $29,000.

Millicom International Cellular Stock Up 2.8%

The company has a debt-to-equity ratio of 1.76, a current ratio of 0.93 and a quick ratio of 0.91. The firm has a market capitalization of $9.91 billion, a P/E ratio of 8.82 and a beta of 0.94. The firm’s fifty day moving average price is $52.84 and its 200-day moving average price is $47.59.

Millicom International Cellular (NASDAQ:TIGO) last released its earnings results on Thursday, November 6th. The technology company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.21). Millicom International Cellular had a return on equity of 10.81% and a net margin of 19.58%.The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. The business’s revenue for the quarter was down .8% compared to the same quarter last year. As a group, equities research analysts forecast that Millicom International Cellular SA will post 1.91 earnings per share for the current year.

About Millicom International Cellular

Millicom International Cellular SA, trading under the TIGO brand, is a Luxembourg‐headquartered telecommunications and media company that provides a range of mobile, cable broadband, digital television and enterprise services. Through its integrated infrastructure, the company delivers voice and data connectivity, high‐speed internet access and pay‐television packages to millions of customers, supported by ongoing investments in network coverage and capacity.

Established in 1990 by Swedish investor Jan Stenbeck, Millicom has grown into a multi‐regional operator focused primarily on Central and South America.