Millicom International Cellular (NASDAQ:TIGO) Lowered to "Buy" Rating by Wall Street Zen

Key Points

• Millicom International Cellular has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, indicating a cautious outlook from analysts.
• Despite the downgrade, other research firms like Scotiabank and JPMorgan Chase have raised their target prices for the stock, signaling mixed sentiments among analysts.
• Millicom reported quarterly earnings that missed consensus estimates, with earnings per share (EPS) of $0.51 compared to an expected $0.54, reflecting potential challenges in its financial performance.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued on Friday.

Several other research firms have also issued reports on TIGO. Weiss Ratings reiterated a "buy (b)" rating on shares of Millicom International Cellular in a research note on Saturday, September 27th. Scotiabank increased their target price on Millicom International Cellular from $37.00 to $46.10 and gave the stock a "sector perform" rating in a report on Tuesday, August 19th. JPMorgan Chase & Co. increased their target price on Millicom International Cellular from $50.00 to $55.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. UBS Group cut Millicom International Cellular from a "buy" rating to a "neutral" rating and increased their target price for the stock from $39.50 to $49.00 in a report on Thursday, September 11th. Finally, Zacks Research upgraded Millicom International Cellular from a "hold" rating to a "strong-buy" rating in a report on Friday, August 15th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $42.02.

Millicom International Cellular Price Performance

Millicom International Cellular stock traded up $0.44 during mid-day trading on Friday, hitting $48.15. 531,705 shares of the company were exchanged, compared to its average volume of 1,044,618. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.59. The business has a fifty day moving average of $45.93 and a 200 day moving average of $38.59. Millicom International Cellular has a 1-year low of $23.61 and a 1-year high of $50.78. The company has a market capitalization of $8.29 billion, a PE ratio of 8.49 and a beta of 1.11.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last released its quarterly earnings data 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). Millicom International Cellular had a return on equity of 10.32% and a net margin of 16.97%.The company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.40 billion. As a group, sell-side analysts expect that Millicom International Cellular will post 1.91 earnings per share for the current year.

Hedge Funds Weigh In On Millicom International Cellular

Several hedge funds have recently added to or reduced their stakes in the company. Dodge & Cox boosted its holdings in Millicom International Cellular by 1.5% in the second quarter. Dodge & Cox now owns 8,836,132 shares of the technology company's stock valued at $331,090,000 after acquiring an additional 134,400 shares during the last quarter. Brandes Investment Partners LP lifted its stake in Millicom International Cellular by 2.5% in the second quarter. Brandes Investment Partners LP now owns 6,624,718 shares of the technology company's stock valued at $248,228,000 after buying an additional 161,861 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Millicom International Cellular by 5,033.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,578,894 shares of the technology company's stock valued at $168,874,000 after buying an additional 5,470,214 shares during the period. Boston Partners lifted its stake in Millicom International Cellular by 22.1% in the second quarter. Boston Partners now owns 2,956,476 shares of the technology company's stock valued at $110,779,000 after buying an additional 535,399 shares during the period. Finally, Swedbank AB acquired a new position in Millicom International Cellular in the first quarter valued at about $85,909,000.

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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