Scotiabank Downgrades Millicom International Cellular (NASDAQ:TIGO) to Sector Underperform

Millicom International Cellular (NASDAQ:TIGO) was downgraded by equities researchers at Scotiabank from a “sector perform” rating to a “sector underperform” rating in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. They currently have a $43.00 target price on the technology company’s stock, down from their previous target price of $46.80. Scotiabank’s price target would suggest a potential downside of 34.58% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. upped their target price on shares of Millicom International Cellular from $55.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, November 17th. Zacks Research cut Millicom International Cellular from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Weiss Ratings restated a “buy (b)” rating on shares of Millicom International Cellular in a report on Thursday, January 22nd. Finally, UBS Group upgraded shares of Millicom International Cellular from a “neutral” rating to a “buy” rating and raised their target price for the stock from $49.00 to $70.00 in a report on Thursday, January 15th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $53.00.

Millicom International Cellular Trading Up 1.8%

Shares of TIGO opened at $65.73 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 1.76. The stock has a market cap of $11.31 billion, a PE ratio of 10.07 and a beta of 0.93. Millicom International Cellular has a 1 year low of $25.50 and a 1 year high of $68.93. The stock has a 50 day simple moving average of $56.90 and a 200-day simple moving average of $50.83.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of TIGO. Royal Bank of Canada increased its position in shares of Millicom International Cellular by 48.1% during the 1st quarter. Royal Bank of Canada now owns 46,183 shares of the technology company’s stock valued at $1,398,000 after purchasing an additional 14,990 shares during the last quarter. AQR Capital Management LLC raised its position in Millicom International Cellular by 5.0% in the first quarter. AQR Capital Management LLC now owns 9,587 shares of the technology company’s stock worth $290,000 after acquiring an additional 453 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Millicom International Cellular in the first quarter valued at about $2,188,000. Goldman Sachs Group Inc. purchased a new stake in shares of Millicom International Cellular during the 1st quarter worth approximately $50,664,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new stake in shares of Millicom International Cellular in the 1st quarter worth approximately $8,504,000.

About Millicom International Cellular

Millicom International Cellular SA, trading under the TIGO brand, is a Luxembourg‐headquartered telecommunications and media company that provides a range of mobile, cable broadband, digital television and enterprise services. Through its integrated infrastructure, the company delivers voice and data connectivity, high‐speed internet access and pay‐television packages to millions of customers, supported by ongoing investments in network coverage and capacity.

Established in 1990 by Swedish investor Jan Stenbeck, Millicom has grown into a multi‐regional operator focused primarily on Central and South America.