Millicom International Cellular (NASDAQ:TIGO) Price Target Raised to $100.00 at UBS Group

Key Points

• UBS Group raised its price target on Millicom International Cellular to $100 from $90 while keeping a neutral rating, implying about 5.6% upside from the current price.
• Analyst opinions remain mixed overall: recent moves include a Zacks downgrade to strong sell and a JPMorgan target increase to $100 with an overweight rating. MarketBeat says the stock’s consensus rating is still Hold with an average target of $79.28.
• The company reported better-than-expected quarterly earnings, with EPS of $0.97 versus estimates of $0.89, while revenue matched expectations at $1.99 billion. Shares were down 3.5% in Tuesday trading despite the strong earnings beat.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) had its target price boosted by analysts at UBS Group from $90.00 to $100.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the technology company's stock. UBS Group's target price indicates a potential upside of 5.60% from the company's current price.

Several other research analysts also recently weighed in on the stock. Zacks Research downgraded shares of Millicom International Cellular from a "hold" rating to a "strong sell" rating in a report on Monday. Scotiabank lifted their target price on Millicom International Cellular from $51.20 to $52.40 and gave the company a "sector underperform" rating in a research note on Wednesday, May 27th. Wall Street Zen downgraded Millicom International Cellular from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. JPMorgan Chase & Co. lifted their price objective on shares of Millicom International Cellular from $86.00 to $100.00 and gave the company an "overweight" rating in a research report on Wednesday, May 20th. Finally, Weiss Ratings raised shares of Millicom International Cellular from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Millicom International Cellular presently has an average rating of "Hold" and a consensus target price of $79.28.

Millicom International Cellular Stock Down 3.5%

Shares of Millicom International Cellular stock opened at $94.70 on Tuesday. Millicom International Cellular has a twelve month low of $38.50 and a twelve month high of $100.08. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.33. The company's 50 day moving average is $87.53 and its 200 day moving average is $75.67. The company has a market cap of $16.00 billion, a price-to-earnings ratio of 12.87 and a beta of 0.92.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.08. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. Millicom International Cellular had a net margin of 19.16% and a return on equity of 16.38%. Research analysts anticipate that Millicom International Cellular will post 1.78 EPS for the current year.

Insiders Place Their Bets

In other Millicom International Cellular news, insider Salvador Escalon sold 49,288 shares of the company's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $88.51, for a total value of $4,362,480.88. Following the transaction, the insider directly owned 165,344 shares in the company, valued at $14,634,597.44. This represents a 22.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have sold 50,140 shares of company stock worth $4,425,461. Company insiders own 0.52% of the company's stock.

Hedge Funds Weigh In On Millicom International Cellular

A number of large investors have recently bought and sold shares of TIGO. Royal Bank of Canada increased its position in shares of Millicom International Cellular by 48.1% during the first quarter. Royal Bank of Canada now owns 46,183 shares of the technology company's stock worth $1,398,000 after purchasing an additional 14,990 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Millicom International Cellular by 5.0% in the 1st quarter. AQR Capital Management LLC now owns 9,587 shares of the technology company's stock worth $290,000 after purchasing an additional 453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Millicom International Cellular during the 1st quarter worth $2,188,000. Goldman Sachs Group Inc. purchased a new position in Millicom International Cellular during the 1st quarter worth $50,664,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in Millicom International Cellular during the 1st quarter valued at about $8,504,000.

About Millicom International Cellular

Millicom International Cellular SA, trading under the TIGO brand, is a Luxembourg‐headquartered telecommunications and media company that provides a range of mobile, cable broadband, digital television and enterprise services. Through its integrated infrastructure, the company delivers voice and data connectivity, high‐speed internet access and pay‐television packages to millions of customers, supported by ongoing investments in network coverage and capacity.

Established in 1990 by Swedish investor Jan Stenbeck, Millicom has grown into a multi‐regional operator focused primarily on Central and South America.

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