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

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

A number of other brokerages also recently weighed in on TIGO. New Street Research upgraded Millicom International Cellular from a “neutral” rating to a “buy” rating and boosted their price target for the company from $20.00 to $24.00 in a report on Thursday, February 29th. HSBC upgraded Millicom International Cellular from a “hold” rating to a “buy” rating and set a $22.50 price target for the company in a report on Wednesday, February 28th. Scotiabank boosted their price target on Millicom International Cellular from $18.00 to $26.10 and gave the company a “sector outperform” rating in a report on Wednesday, February 28th. Finally, Morgan Stanley upgraded Millicom International Cellular from an “equal weight” rating to an “overweight” rating in a report on Friday, January 5th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Millicom International Cellular has an average rating of “Moderate Buy” and an average target price of $24.20.

Millicom International Cellular Price Performance

TIGO stock opened at $19.80 on Thursday. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.80 and a current ratio of 0.82. Millicom International Cellular has a 52-week low of $14.46 and a 52-week high of $20.12. The stock’s 50 day moving average is $17.54 and its two-hundred day moving average is $16.89.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TIGO. Brandes Investment Partners LP boosted its position in Millicom International Cellular by 28.7% during the 3rd quarter. Brandes Investment Partners LP now owns 4,394,992 shares of the technology company’s stock valued at $67,903,000 after purchasing an additional 981,159 shares during the period. LB Partners LLC acquired a new position in Millicom International Cellular during the 4th quarter worth $9,000,000. Millennium Management LLC boosted its position in Millicom International Cellular by 559.6% during the 2nd quarter. Millennium Management LLC now owns 393,912 shares of the technology company’s stock worth $5,661,000 after acquiring an additional 334,189 shares during the period. Morningstar Investment Services LLC boosted its position in Millicom International Cellular by 105.6% during the 4th quarter. Morningstar Investment Services LLC now owns 246,622 shares of the technology company’s stock worth $4,474,000 after acquiring an additional 126,679 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Millicom International Cellular by 43.7% during the 2nd quarter. Renaissance Technologies LLC now owns 415,297 shares of the technology company’s stock worth $5,953,000 after acquiring 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.