Millicom International Cellular (NASDAQ:TIGO) Stock Rating Upgraded by Wall Street Zen

Key Points

• Millicom International Cellular (NASDAQ:TIGO) has been upgraded by Wall Street Zen to a "strong-buy" rating, indicating increased confidence from analysts in its stock performance.
• UBS Group raised its price target for TIGO shares from $31.50 to $39.50, while JPMorgan Chase increased it from $41.00 to $50.00, reflecting positive outlooks from major investment firms.
• Despite recent upgrades, Millicom reported an earnings miss for the last quarter, with an EPS of $0.51 against the consensus estimate of $0.54, highlighting ongoing challenges within the company.

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

TIGO has been the topic of several other reports. UBS Group boosted their target price on Millicom International Cellular from $31.50 to $39.50 and gave the company a "buy" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. boosted their target price on Millicom International Cellular from $41.00 to $50.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Finally, Scotiabank cut Millicom International Cellular from a "sector outperform" rating to a "sector perform" rating and set a $37.00 price target for the company. in a research report on Tuesday, June 17th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Millicom International Cellular has a consensus rating of "Moderate Buy" and an average price target of $38.08.

Millicom International Cellular Stock Performance

Shares of TIGO traded up $0.88 during mid-day trading on Friday, hitting $43.41. The stock had a trading volume of 1,338,498 shares, compared to its average volume of 913,271. The firm has a market cap of $7.47 billion, a P/E ratio of 7.66 and a beta of 1.04. The business has a fifty day moving average price of $38.50 and a 200-day moving average price of $33.33. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.76 and a quick ratio of 0.74. Millicom International Cellular has a 52 week low of $23.61 and a 52 week high of $43.87.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last issued its 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 firm had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.40 billion. Millicom International Cellular had a net margin of 16.97% and a return on equity of 10.28%. On average, equities research analysts expect that Millicom International Cellular will post 1.91 EPS for the current year.

Hedge Funds Weigh In On Millicom International Cellular

Several hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. purchased a new position in Millicom International Cellular during the second quarter worth about $1,257,000. Segall Bryant & Hamill LLC grew its position in Millicom International Cellular by 0.3% during the second quarter. Segall Bryant & Hamill LLC now owns 97,577 shares of the technology company's stock worth $3,656,000 after buying an additional 300 shares in the last quarter. Rhumbline Advisers purchased a new position in Millicom International Cellular during the second quarter worth about $2,962,000. Franklin Resources Inc. purchased a new position in Millicom International Cellular during the second quarter worth about $1,293,000. Finally, JPMorgan Chase & Co. grew its position in Millicom International Cellular by 21.9% during the second quarter. JPMorgan Chase & Co. now owns 1,439,114 shares of the technology company's stock worth $53,924,000 after buying an additional 258,635 shares in the last quarter.

About Millicom International Cellular

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.