Millicom International Cellular (NASDAQ:TIGO) Rating Increased to Sector Outperform at Scotiabank

Scotiabank upgraded shares of Millicom International Cellular (NASDAQ:TIGO) from a sector perform rating to a sector outperform rating in a research note published on Friday morning, MarketBeat reports. Scotiabank currently has $37.30 price target on the technology company’s stock, up from their previous price target of $30.00.

Several other research analysts also recently weighed in on the company. UBS Group upgraded Millicom International Cellular from a neutral rating to a buy rating and lifted their target price for the company from $25.00 to $33.00 in a research note on Thursday, August 15th. JPMorgan Chase & Co. began coverage on shares of Millicom International Cellular in a research note on Friday, September 6th. They issued an overweight rating and a $35.00 price objective on the stock. HSBC cut shares of Millicom International Cellular from a buy rating to a hold rating in a research note on Tuesday, July 2nd. Finally, 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. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $30.66.

Millicom International Cellular Stock Performance

Shares of TIGO opened at $28.07 on Friday. The company’s 50 day simple moving average is $25.86 and its 200-day simple moving average is $23.44. The firm has a market cap of $2.86 billion, a PE ratio of 561.40 and a beta of 1.23. Millicom International Cellular has a 12-month low of $14.46 and a 12-month high of $28.25. The company has a current ratio of 0.66, a quick ratio of 0.64 and a debt-to-equity ratio of 1.72.

Millicom International Cellular (NASDAQ:TIGO) last announced its earnings results on Friday, August 2nd. The technology company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). Millicom International Cellular had a net margin of 1.83% and a return on equity of 2.91%. The business had revenue of $1.46 billion during the quarter. During the same period last year, the firm earned ($0.13) earnings per share. As a group, equities analysts predict that Millicom International Cellular will post 2.33 EPS for the current year.

Institutional Investors Weigh In On Millicom International Cellular

Several institutional investors have recently made changes to their positions in TIGO. Silver Lake Advisory LLC purchased a new position in Millicom International Cellular in the 2nd quarter valued at approximately $260,000. Millennium Management LLC increased its position in Millicom International Cellular by 138.9% during the second quarter. Millennium Management LLC now owns 270,373 shares of the technology company’s stock worth $6,638,000 after purchasing an additional 157,205 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of Millicom International Cellular in the 2nd quarter worth $215,000. Cubist Systematic Strategies LLC acquired a new position in Millicom International Cellular in the second quarter valued at $884,000. Finally, Vanguard Personalized Indexing Management LLC grew its position in Millicom International Cellular by 11.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 19,441 shares of the technology company’s stock valued at $477,000 after acquiring an additional 1,964 shares during the period.

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.