Millicom International Cellular (NASDAQ:TIGO) Hits New 12-Month High Following Analyst Upgrade

Shares of Millicom International Cellular SA (NASDAQ:TIGO) 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 trading hands. The stock had previously closed at $56.03.

Other equities analysts have also issued reports about the company. Wall Street Zen raised Millicom International Cellular from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 11th. Weiss Ratings reaffirmed 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 shares of Millicom International Cellular from $55.00 to $63.00 and gave the stock an “overweight” rating in a research note on Monday, November 17th. Scotiabank raised their price target on shares of Millicom International Cellular from $46.10 to $46.80 and gave the company a “sector perform” rating in a research report on Friday, November 7th. Finally, Zacks Research raised shares of Millicom International Cellular from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 19th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.97.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in shares of Millicom International Cellular by 48.1% in the first quarter. Royal Bank of Canada now owns 46,183 shares of the technology company’s stock valued at $1,398,000 after acquiring an additional 14,990 shares during the period. AQR Capital Management LLC lifted its stake in Millicom International Cellular by 5.0% in the 1st quarter. AQR Capital Management LLC now owns 9,587 shares of the technology company’s stock worth $290,000 after purchasing an additional 453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Millicom International Cellular in the 1st quarter valued at $2,188,000. Goldman Sachs Group Inc. purchased a new position in shares of Millicom International Cellular during the 1st quarter valued at $50,664,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in shares of Millicom International Cellular in the first quarter worth $8,504,000.

Millicom International Cellular Stock Up 4.8%

The company has a market cap of $10.10 billion, a PE ratio of 8.99 and a beta of 0.94. The stock has a 50-day moving average of $53.07 and a 200-day moving average of $47.81. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 1.76.

Millicom International Cellular (NASDAQ:TIGO) last posted its earnings results on Thursday, November 6th. The technology company reported $0.34 EPS for the quarter, missing the consensus estimate 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 business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. The business’s revenue for the quarter was down .8% compared to the same quarter last year. Sell-side analysts predict that Millicom International Cellular SA will post 1.91 earnings per share for the current fiscal 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.