Millicom International Cellular (NASDAQ:TIGO) Stock Rating Upgraded by Scotiabank

Millicom International Cellular (NASDAQ:TIGO) was upgraded by research analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. The firm currently has a $37.30 target price on the technology company’s stock, up from their prior target price of $30.00. Scotiabank’s price objective would indicate a potential upside of 33.98% from the company’s previous close.

Several other research firms have also recently weighed in on TIGO. JPMorgan Chase & Co. started coverage on Millicom International Cellular in a report on Friday, September 6th. They set an “overweight” rating and a $35.00 price target for the company. Hsbc Global Res lowered Millicom International Cellular from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. UBS Group upgraded shares of Millicom International Cellular from a “neutral” rating to a “buy” rating and upped their target price for the stock from $25.00 to $33.00 in a report on Thursday, August 15th. Finally, HSBC downgraded shares of Millicom International Cellular from a “buy” rating to a “hold” rating in a research 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $30.66.

Millicom International Cellular Trading Up 1.6 %

Shares of Millicom International Cellular stock opened at $27.84 on Friday. The company’s fifty day moving average price is $25.80 and its two-hundred day moving average price is $23.34. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.66 and a quick ratio of 0.64. The firm has a market capitalization of $2.83 billion, a PE ratio of 556.80 and a beta of 1.23. Millicom International Cellular has a 52-week low of $14.46 and a 52-week high of $27.84.

Millicom International Cellular (NASDAQ:TIGO) last issued its quarterly 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). Millicom International Cellular had a net margin of 1.83% and a return on equity of 2.91%. The firm had revenue of $1.46 billion for the quarter. During the same quarter in the previous year, the business earned ($0.13) earnings per share. On average, analysts expect that Millicom International Cellular will post 2.33 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC raised its holdings in Millicom International Cellular by 217.9% in the 2nd quarter. Signaturefd LLC now owns 1,138 shares of the technology company’s stock worth $28,000 after purchasing an additional 780 shares during the period. Fifth Third Bancorp purchased a new stake in shares of Millicom International Cellular during the second quarter worth about $67,000. Summit Securities Group LLC bought a new stake in Millicom International Cellular during the 2nd quarter valued at approximately $98,000. SG Americas Securities LLC lifted its holdings in Millicom International Cellular by 13.1% in the 1st quarter. SG Americas Securities LLC now owns 7,925 shares of the technology company’s stock worth $160,000 after purchasing an additional 920 shares in the last quarter. Finally, AQR Capital Management LLC bought a new position in Millicom International Cellular in the 2nd quarter worth approximately $215,000.

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.