Millicom International Cellular (NASDAQ:TIGO) Cut to “Sector Underperform” at Scotiabank

Millicom International Cellular (NASDAQ:TIGO) was downgraded by Scotiabank from a “sector perform” rating to a “sector underperform” rating in a research report issued on Wednesday. They presently have a $43.00 price objective on the technology company’s stock. Scotiabank’s target price indicates a potential downside of 34.54% from the company’s previous close.

TIGO has been the topic of several other research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Millicom International Cellular in a report on Thursday, January 22nd. Zacks Research cut Millicom International Cellular from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. UBS Group raised Millicom International Cellular from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $49.00 to $70.00 in a research report on Thursday, January 15th. Finally, JPMorgan Chase & Co. increased their price target on Millicom International Cellular from $55.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, November 17th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $53.00.

Millicom International Cellular Stock Performance

Shares of NASDAQ TIGO opened at $65.69 on Wednesday. Millicom International Cellular has a 1 year low of $25.50 and a 1 year high of $68.93. The firm has a market cap of $11.31 billion, a P/E ratio of 10.06 and a beta of 0.93. The stock has a fifty day moving average price of $56.38 and a two-hundred day moving average price of $50.63. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.91 and a current ratio of 0.93.

Hedge Funds Weigh In On Millicom International Cellular

Institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada increased its stake in shares of Millicom International Cellular by 48.1% in the first quarter. Royal Bank of Canada now owns 46,183 shares of the technology company’s stock worth $1,398,000 after acquiring an additional 14,990 shares during the last quarter. AQR Capital Management LLC grew its stake 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 valued at $290,000 after purchasing an additional 453 shares in the last quarter. 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. acquired a new position in Millicom International Cellular in the 1st quarter worth about $50,664,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in shares of Millicom International Cellular during the 1st quarter worth about $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.