Millicom International Cellular (NASDAQ:TIGO) Stock Moved Up to Strong-Buy by Zacks Research

Key Points

• Zacks Research upgraded Millicom International Cellular to “strong buy” from “hold,” while the broader analyst consensus remains “moderate buy” with an average price target of $85.68.
• TIGO shares opened at $90.77, with a 52-week range of $44.88 to $107.13 and a market capitalization of approximately $15.34 billion.
• Institutional interest increased, with Cullen Capital Management and Bank of New York Mellon establishing new positions, while Renaissance Technologies, Sei Investments, and Amundi expanded their holdings.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Tuesday, Zacks reports.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. restated a "neutral" rating and issued a $105.00 price target (up from $100.00) on shares of Millicom International Cellular in a research report on Tuesday, August 18th. UBS Group lifted their target price on shares of Millicom International Cellular from $90.00 to $100.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Royal Bank Of Canada set a $105.00 target price on shares of Millicom International Cellular in a report on Tuesday, August 18th. Scotiabank upped their price target on shares of Millicom International Cellular from $52.40 to $60.10 and gave the company a "sector underperform" rating in a research report on Friday, August 7th. Finally, Weiss Ratings downgraded Millicom International Cellular from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $85.68.

Millicom International Cellular Stock Performance

Shares of TIGO stock opened at $90.77 on Tuesday. The business's 50 day simple moving average is $93.57 and its 200 day simple moving average is $88.61. Millicom International Cellular has a one year low of $44.88 and a one year high of $107.13. The stock has a market capitalization of $15.34 billion, a PE ratio of 22.92 and a beta of 0.93. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.53 and a quick ratio of 0.51.

Institutional Trading of Millicom International Cellular

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cullen Capital Management LLC bought a new position in Millicom International Cellular in the second quarter worth approximately $71,258,000. Renaissance Technologies LLC increased its holdings in shares of Millicom International Cellular by 18.9% during the first quarter. Renaissance Technologies LLC now owns 549,792 shares of the technology company's stock valued at $41,201,000 after acquiring an additional 87,400 shares in the last quarter. Sei Investments Co. raised its position in shares of Millicom International Cellular by 31.7% during the first quarter. Sei Investments Co. now owns 546,999 shares of the technology company's stock worth $40,990,000 after purchasing an additional 131,580 shares during the period. Amundi raised its position in shares of Millicom International Cellular by 120.8% during the first quarter. Amundi now owns 529,936 shares of the technology company's stock worth $39,713,000 after purchasing an additional 289,913 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in shares of Millicom International Cellular in the 2nd quarter worth $45,791,000.

Millicom International Cellular Company Profile

Millicom International Cellular SA is a telecommunications and digital services company that operates under the Tigo brand. The company provides mobile voice and data services, fixed broadband, pay television, and other connectivity solutions to consumers and businesses in Latin America.

Millicom also offers digital financial services, including mobile money and payment products through Tigo Money in selected markets. Its business-to-business operations provide connectivity, cloud, cybersecurity, data center, and digital solutions to enterprises, governments, and other organizations.

Founded in 1990, Millicom has developed a telecommunications presence across Latin America, serving markets including Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, and Paraguay.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.