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

Millicom International Cellular (NASDAQ:TIGO) was upgraded by analysts at HSBC from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage currently has a $89.00 target price on the technology company’s stock. HSBC’s price target indicates a potential upside of 28.46% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the stock. UBS Group raised 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 research report on Thursday, January 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Millicom International Cellular in a research report on Thursday, January 22nd. Scotiabank downgraded shares of Millicom International Cellular from a “sector perform” rating to a “sector underperform” rating and cut their price target for the stock from $46.80 to $43.00 in a research note on Wednesday, February 11th. Morgan Stanley reissued a “positive” rating and set a $55.00 price objective on shares of Millicom International Cellular in a research note on Thursday, February 26th. Finally, Zacks Research downgraded Millicom International Cellular from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Millicom International Cellular presently has a consensus rating of “Moderate Buy” and an average target price of $59.33.

Millicom International Cellular Stock Performance

Millicom International Cellular stock opened at $69.28 on Friday. The firm has a market capitalization of $11.92 billion, a P/E ratio of 8.83 and a beta of 0.90. The stock has a fifty day moving average price of $62.00 and a 200 day moving average price of $53.88. Millicom International Cellular has a 52 week low of $26.35 and a 52 week high of $75.25. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.81.

Millicom International Cellular (NASDAQ:TIGO) last issued its quarterly earnings results on Thursday, February 26th. The technology company reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.45. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. Millicom International Cellular had a return on equity of 17.07% and a net margin of 22.62%.The firm’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period last year, the company earned $0.18 EPS. Equities research analysts anticipate that Millicom International Cellular will post 1.91 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC acquired a new stake in Millicom International Cellular in the 3rd quarter valued at $4,010,000. State of Alaska Department of Revenue purchased a new position in Millicom International Cellular in the third quarter valued at about $970,000. Plato Investment Management Ltd acquired a new position in shares of Millicom International Cellular during the third quarter worth about $875,000. Itau Unibanco Holding S.A. boosted its position in shares of Millicom International Cellular by 52.7% in the second quarter. Itau Unibanco Holding S.A. now owns 703,267 shares of the technology company’s stock worth $26,351,000 after buying an additional 242,569 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Millicom International Cellular by 348.9% in the third quarter. JPMorgan Chase & Co. now owns 6,459,716 shares of the technology company’s stock worth $313,555,000 after buying an additional 5,020,602 shares during the period.

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.