JPMorgan Chase & Co. Upgrades Millicom International Cellular (NASDAQ:TIGO) to Overweight

Millicom International Cellular (NASDAQ:TIGO) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors on Thursday, Marketbeat reports.

Several other equities analysts also recently commented on TIGO. HSBC raised shares of Millicom International Cellular from a “hold” rating to a “buy” rating and set a $22.50 price objective for the company in a research note on Wednesday, February 28th. Morgan Stanley raised shares of Millicom International Cellular from an “equal weight” rating to an “overweight” rating in a research note on Friday, January 5th. New Street Research raised shares of Millicom International Cellular from a “neutral” rating to a “buy” rating and upped their price objective for the company from $20.00 to $24.00 in a research note on Thursday, February 29th. Finally, Scotiabank boosted their price target on shares of Millicom International Cellular from $18.00 to $26.10 and gave the company a “sector outperform” rating in a research report on Wednesday, February 28th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.20.

Millicom International Cellular Price Performance

Millicom International Cellular stock opened at $19.80 on Thursday. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.82 and a quick ratio of 0.80. The firm has a fifty day simple moving average of $17.54 and a two-hundred day simple moving average of $16.89. Millicom International Cellular has a twelve month low of $14.46 and a twelve month high of $20.12.

Millicom International Cellular (NASDAQ:TIGO) last issued its quarterly earnings data on Tuesday, February 27th. The technology company reported ($0.36) EPS for the quarter. The firm had revenue of $1.48 billion for the quarter. Millicom International Cellular had a negative net margin of 1.45% and a negative return on equity of 2.41%.

Hedge Funds Weigh In On Millicom International Cellular

Several hedge funds and other institutional investors have recently modified their holdings of TIGO. Brandes Investment Partners LP increased its position in shares of Millicom International Cellular by 28.7% during the third quarter. Brandes Investment Partners LP now owns 4,394,992 shares of the technology company’s stock valued at $67,903,000 after buying an additional 981,159 shares during the period. LB Partners LLC purchased a new stake in Millicom International Cellular in the fourth quarter worth about $9,000,000. Millennium Management LLC grew its holdings in Millicom International Cellular by 559.6% in the second quarter. Millennium Management LLC now owns 393,912 shares of the technology company’s stock worth $5,661,000 after purchasing an additional 334,189 shares during the period. Morningstar Investment Services LLC grew its holdings in Millicom International Cellular by 105.6% in the fourth quarter. Morningstar Investment Services LLC now owns 246,622 shares of the technology company’s stock worth $4,474,000 after purchasing an additional 126,679 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in Millicom International Cellular by 43.7% in the second quarter. Renaissance Technologies LLC now owns 415,297 shares of the technology company’s stock worth $5,953,000 after purchasing an additional 126,350 shares during the period.

Millicom International Cellular Company Profile

Millicom International Cellular SA provides cable and mobile services in Latin America and Africa. The company offers mobile services, including mobile data and voice; short message service; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance.