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

Key Points

• Millicom International Cellular's share price reached a new 52-week high of $47.33 following an upgrade from Wall Street Zen from a buy rating to a strong-buy rating.
• Analysts have expressed optimism about the stock, with Zacks Research also upgrading it to a strong-buy and several firms raising their price targets significantly.
• The company reported earnings per share of $0.51 for the last quarter, which was below analyst expectations, impacting its revenue performance.

Millicom International Cellular SA (NASDAQ:TIGO - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Monday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The stock traded as high as $47.33 and last traded at $47.41, with a volume of 1389 shares. The stock had previously closed at $47.19.

Several other analysts have also recently weighed in on TIGO. Zacks Research upgraded shares of Millicom International Cellular from a "hold" rating to a "strong-buy" rating in a report on Friday, August 15th. JPMorgan Chase & Co. lifted their price target on shares of Millicom International Cellular from $50.00 to $55.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. UBS Group lifted their price target 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. Finally, Scotiabank lifted their price target on shares of Millicom International Cellular from $37.00 to $46.10 and gave the company a "sector perform" rating in a report on Tuesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $40.43.

Hedge Funds Weigh In On Millicom International Cellular

Several institutional investors and hedge funds have recently added to or reduced their stakes in TIGO. USA Financial Formulas purchased a new position in Millicom International Cellular during the second quarter valued at $30,000. State of Wyoming purchased a new position in Millicom International Cellular during the fourth quarter valued at $49,000. EverSource Wealth Advisors LLC lifted its position in Millicom International Cellular by 55.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,413 shares of the technology company's stock valued at $53,000 after buying an additional 502 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in Millicom International Cellular during the first quarter valued at $84,000. Finally, Wells Fargo & Company MN lifted its position in Millicom International Cellular by 72.4% during the fourth quarter. Wells Fargo & Company MN now owns 4,892 shares of the technology company's stock valued at $122,000 after buying an additional 2,055 shares during the period.

Millicom International Cellular Price Performance

The company has a debt-to-equity ratio of 1.59, a current ratio of 0.89 and a quick ratio of 0.87. The firm has a market cap of $8.15 billion, a PE ratio of 8.37 and a beta of 1.04. The firm has a 50-day simple moving average of $39.97 and a 200 day simple moving average of $34.46.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The technology company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.03). The company had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.40 billion. Millicom International Cellular had a return on equity of 10.32% and a net margin of 16.97%. As a group, equities analysts expect that Millicom International Cellular SA will post 1.91 EPS for the current year.

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.

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