Millicom International Cellular (NASDAQ:TIGO) Upgraded at Wall Street Zen

Key Points

• Millicom International Cellular has been upgraded from a "buy" rating to a "strong-buy" rating by Wall Street Zen, indicating increasing confidence among analysts in the company's performance.
• In recent evaluations, Scotiabank raised its price target for the stock from $37.00 to $46.10, reflecting a positive outlook, while UBS Group has adjusted its target from $39.50 to $49.00 after downgrading its rating to "neutral."
• Despite missing earnings estimates for its recent quarter, Millicom has a market capitalization of $8.55 billion and shows strong institutional interest with several hedge funds increasing their stakes in the company.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Sunday.

A number of other equities research analysts have also commented on TIGO. Zacks Research upgraded Millicom International Cellular from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. JPMorgan Chase & Co. increased their price objective on shares of Millicom International Cellular from $50.00 to $55.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. UBS Group downgraded shares of Millicom International Cellular from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $39.50 to $49.00 in a report on Thursday, September 11th. Finally, Scotiabank increased their price objective on shares of Millicom International Cellular from $37.00 to $46.10 and gave the company a "sector perform" rating in a research report on Tuesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $42.02.

Millicom International Cellular Stock Performance

Shares of TIGO stock traded up $1.62 during trading hours on Friday, hitting $49.68. The stock had a trading volume of 3,354,914 shares, compared to its average volume of 1,185,264. The stock's 50 day moving average is $44.33 and its 200 day moving average is $37.42. The firm has a market capitalization of $8.55 billion, a PE ratio of 8.76 and a beta of 1.08. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.89 and a quick ratio of 0.87. Millicom International Cellular has a twelve month low of $23.61 and a twelve month high of $50.78.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The technology company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.03). The business had revenue of $1.37 billion during the quarter, compared to analyst estimates 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, research analysts forecast that Millicom International Cellular will post 1.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Millicom International Cellular

Institutional investors have recently bought and sold shares of the business. Dodge & Cox bought a new stake in Millicom International Cellular during the first quarter worth about $263,401,000. Price T Rowe Associates Inc. MD raised its holdings in Millicom International Cellular by 5,033.3% during the 1st 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 acquiring an additional 5,470,214 shares during the period. Swedbank AB purchased a new stake in Millicom International Cellular during the first quarter valued at about $85,909,000. Boston Partners purchased a new stake in shares of Millicom International Cellular during the first quarter worth about $73,286,000. Finally, Goldman Sachs Group Inc. bought a new position in shares of Millicom International Cellular during the first quarter valued at approximately $50,664,000.

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.