Millicom International Cellular (NASDAQ:TIGO) Stock Price Expected to Rise, Scotiabank Analyst Says

Millicom International Cellular (NASDAQ:TIGO) had its target price boosted by equities research analysts at Scotiabank from $51.20 to $52.40 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “sector underperform” rating on the technology company’s stock. Scotiabank’s price objective would suggest a potential downside of 39.27% from the company’s current price.

A number of other analysts have also issued reports on TIGO. Weiss Ratings upgraded shares of Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, May 13th. Wall Street Zen lowered shares of Millicom International Cellular from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. JPMorgan Chase & Co. boosted their target price on shares of Millicom International Cellular from $86.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 20th. HSBC upgraded shares of Millicom International Cellular from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a research note on Friday, March 6th. Finally, Zacks Research raised shares of Millicom International Cellular from a “strong sell” rating to a “hold” rating in a research report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Millicom International Cellular presently has a consensus rating of “Moderate Buy” and an average price target of $77.28.

Millicom International Cellular Stock Up 4.0%

Shares of NASDAQ:TIGO traded up $3.28 during trading on Wednesday, hitting $86.29. The company’s stock had a trading volume of 463,286 shares, compared to its average volume of 1,349,219. The company has a market capitalization of $14.58 billion, a PE ratio of 11.70 and a beta of 0.93. Millicom International Cellular has a fifty-two week low of $35.49 and a fifty-two week high of $87.05. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.60 and a current ratio of 0.62. The stock’s 50-day moving average price is $80.12 and its two-hundred day moving average price is $66.18.

Millicom International Cellular (NASDAQ:TIGO) last posted its quarterly earnings data on Tuesday, May 12th. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.08. Millicom International Cellular had a return on equity of 16.38% and a net margin of 19.16%.The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. As a group, sell-side analysts expect that Millicom International Cellular will post 3.27 EPS for the current year.

Institutional Trading of Millicom International Cellular

Institutional investors and hedge funds have recently modified their holdings of the business. CTC Alternative Strategies Ltd. bought a new position in shares of Millicom International Cellular in the 1st quarter worth about $600,000. Bank of America Corp DE raised its stake in Millicom International Cellular by 22.0% during the first quarter. Bank of America Corp DE now owns 243,778 shares of the technology company’s stock worth $18,269,000 after acquiring an additional 43,947 shares during the period. Altshuler Shaham Ltd raised its stake in Millicom International Cellular by 36.7% during the first quarter. Altshuler Shaham Ltd now owns 633 shares of the technology company’s stock worth $47,000 after acquiring an additional 170 shares during the period. Amundi lifted its holdings in Millicom International Cellular by 120.8% in the first quarter. Amundi now owns 529,936 shares of the technology company’s stock worth $39,713,000 after acquiring an additional 289,913 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Millicom International Cellular by 44.5% in the first quarter. EverSource Wealth Advisors LLC now owns 3,568 shares of the technology company’s stock valued at $267,000 after acquiring an additional 1,098 shares during the period.

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.