JPMorgan Chase & Co. Begins Coverage on Millicom International Cellular (NASDAQ:TIGO)

JPMorgan Chase & Co. began coverage on shares of Millicom International Cellular (NASDAQ:TIGO) in a report released on Friday, MarketBeat reports. The brokerage set an “overweight” rating and a $35.00 price target on the technology company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 31.43% from the stock’s current price.

TIGO has been the subject of several other research reports. UBS Group upgraded shares of Millicom International Cellular from a “neutral” rating to a “buy” rating and increased their target price for the company from $25.00 to $33.00 in a report on Thursday, August 15th. Hsbc Global Res downgraded shares of Millicom International Cellular from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 2nd. HSBC downgraded shares of Millicom International Cellular from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Finally, Scotiabank reiterated a “sector perform” rating and issued a $30.00 target price on shares of Millicom International Cellular in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $29.20.

Millicom International Cellular Stock Up 0.6 %

Shares of NASDAQ:TIGO opened at $26.63 on Friday. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of 532.60 and a beta of 1.22. The company has a quick ratio of 0.64, a current ratio of 0.66 and a debt-to-equity ratio of 1.72. Millicom International Cellular has a 12-month low of $14.46 and a 12-month high of $26.87. The business’s 50 day moving average is $25.22 and its 200 day moving average is $22.50.

Millicom International Cellular (NASDAQ:TIGO) last announced its earnings results on Friday, August 2nd. The technology company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.05). The company had revenue of $1.46 billion for the quarter. Millicom International Cellular had a net margin of 1.83% and a return on equity of 2.91%. During the same quarter last year, the firm posted ($0.13) earnings per share.

Institutional Investors Weigh In On Millicom International Cellular

Institutional investors and hedge funds have recently modified their holdings of the company. Signaturefd LLC lifted its holdings in shares of Millicom International Cellular by 217.9% in the second quarter. Signaturefd LLC now owns 1,138 shares of the technology company’s stock worth $28,000 after buying an additional 780 shares in the last quarter. Fifth Third Bancorp purchased a new stake in Millicom International Cellular in the second quarter valued at approximately $67,000. Summit Securities Group LLC purchased a new stake in Millicom International Cellular in the second quarter valued at approximately $98,000. Principal Securities Inc. purchased a new stake in Millicom International Cellular in the fourth quarter valued at approximately $87,000. Finally, SG Americas Securities LLC raised its stake in Millicom International Cellular by 13.1% in the first quarter. SG Americas Securities LLC now owns 7,925 shares of the technology company’s stock valued at $160,000 after purchasing an additional 920 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.