Millicom International Cellular (NASDAQ:TIGO) Price Target Raised to $50.00

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) had its target price upped by research analysts at JPMorgan Chase & Co. from $41.00 to $50.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 33.69% from the stock's current price.

A number of other equities research analysts have also issued reports on TIGO. UBS Group increased their price objective on shares of Millicom International Cellular from $31.50 to $39.50 and gave the company a "buy" rating in a report on Friday, May 16th. Barclays cut their target price on shares of Millicom International Cellular from $310.00 to $36.00 and set an "equal weight" rating for the company in a research note on Thursday, April 3rd. Morgan Stanley initiated coverage on shares of Millicom International Cellular in a research note on Wednesday, January 29th. They issued an "equal weight" rating and a $32.00 price target on the stock. Finally, Scotiabank raised their price objective on Millicom International Cellular from $37.30 to $37.90 and gave the company a "sector outperform" rating in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $38.23.

Millicom International Cellular Price Performance

NASDAQ:TIGO traded up $0.52 during trading hours on Tuesday, hitting $37.40. 1,021,395 shares of the stock traded hands, compared to its average volume of 392,461. The company has a market cap of $6.44 billion, a price-to-earnings ratio of 39.79 and a beta of 1.03. Millicom International Cellular has a 1 year low of $22.59 and a 1 year high of $38.50. The stock has a 50 day moving average price of $32.65 and a 200 day moving average price of $28.66. The company has a quick ratio of 0.64, a current ratio of 0.66 and a debt-to-equity ratio of 1.59.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last issued its earnings results on Thursday, May 8th. The technology company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.23. The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.45 billion. Millicom International Cellular had a net margin of 2.70% and a return on equity of 4.43%. Millicom International Cellular's quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 EPS. Sell-side analysts forecast that Millicom International Cellular will post 1.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Acadian Asset Management LLC purchased a new stake in Millicom International Cellular during the first quarter valued at approximately $819,000. Jane Street Group LLC bought a new position in shares of Millicom International Cellular during the 1st quarter valued at approximately $928,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in Millicom International Cellular during the 1st quarter valued at $8,504,000. Goldman Sachs Group Inc. bought a new stake in Millicom International Cellular in the first quarter worth $50,664,000. Finally, Park West Asset Management LLC boosted its stake in Millicom International Cellular by 513.0% during the first quarter. Park West Asset Management LLC now owns 1,510,977 shares of the technology company's stock worth $45,737,000 after buying an additional 1,264,480 shares during the period.

Millicom International Cellular Company Profile

Millicom International Cellular SA provides cable and mobile services in Latin America. It offers mobile services, including mobile data and voice, and short message services; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance.