Millicom International Cellular (NASDAQ:TIGO) Lowered to "Hold" Rating by Zacks Research

Key Points

• Millicom International Cellular (NASDAQ:TIGO) has been downgraded from a "strong-buy" to a "hold" rating by Zacks Research, signaling a shift in analysts' confidence in the stock.
• Despite the downgrade, other analysts maintain varied ratings, with one reaffirming a "buy" and others adjusting target prices, highlighting mixed sentiment toward the company's prospects.
• Millicom reported a miss in earnings with an EPS of $0.51, below the expected $0.54, and revenue also fell short of estimates, indicating potential challenges ahead for the company.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Other analysts have also issued reports about the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Millicom International Cellular in a report on Wednesday. Scotiabank raised 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. Wall Street Zen lowered Millicom International Cellular from a "strong-buy" rating to a "buy" rating in a report on Friday, October 3rd. UBS Group lowered Millicom International Cellular from a "buy" rating to a "neutral" rating and raised their target price for the stock from $39.50 to $49.00 in a report on Thursday, September 11th. Finally, JPMorgan Chase & Co. raised their price objective on Millicom International Cellular from $50.00 to $55.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.02.

Millicom International Cellular Trading Down 0.6%

Millicom International Cellular stock opened at $47.34 on Wednesday. The stock has a 50-day moving average of $46.59 and a two-hundred day moving average of $39.07. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.87 and a current ratio of 0.89. Millicom International Cellular has a one year low of $23.61 and a one year high of $50.78. The stock has a market cap of $8.15 billion, a PE ratio of 8.35 and a beta of 1.11.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last announced 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 firm had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.40 billion. On average, research analysts anticipate that Millicom International Cellular will post 1.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Millicom International Cellular

A number of institutional investors have recently added to or reduced their stakes in the stock. CWA Asset Management Group LLC lifted its stake in shares of Millicom International Cellular by 34.3% in the 1st quarter. CWA Asset Management Group LLC now owns 12,307 shares of the technology company's stock valued at $373,000 after purchasing an additional 3,141 shares during the last quarter. EWA LLC purchased a new stake in Millicom International Cellular in the 1st quarter valued at about $201,000. KBC Group NV purchased a new stake in Millicom International Cellular in the 1st quarter valued at about $233,000. Spinnaker Trust purchased a new stake in Millicom International Cellular in the 1st quarter valued at about $212,000. Finally, Teacher Retirement System of Texas purchased a new stake in Millicom International Cellular in the 1st quarter valued at about $1,402,000.

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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