Millicom International Cellular (NASDAQ:TIGO) Given New $100.00 Price Target at JPMorgan Chase & Co.

Millicom International Cellular (NASDAQ:TIGO) had its price target lifted by equities researchers at JPMorgan Chase & Co. from $86.00 to $100.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 23.55% from the company’s current price.

A number of other research firms have also recently commented on TIGO. Weiss Ratings raised Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, May 13th. Zacks Research raised Millicom International Cellular from a “strong sell” rating to a “hold” rating in a report on Monday, April 6th. HSBC raised Millicom International Cellular from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a report on Friday, March 6th. Morgan Stanley reissued a “positive” rating and set a $55.00 price target on shares of Millicom International Cellular in a report on Thursday, February 26th. Finally, Scotiabank boosted their price target on Millicom International Cellular from $43.00 to $51.20 and gave the company a “sector underperform” rating in a report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $73.04.

Millicom International Cellular Stock Up 0.3%

Millicom International Cellular stock opened at $80.94 on Wednesday. The stock has a market cap of $13.68 billion, a PE ratio of 11.00 and a beta of 0.93. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.60 and a current ratio of 0.62. Millicom International Cellular has a one year low of $35.49 and a one year high of $85.26. The stock has a fifty day moving average of $78.76 and a 200 day moving average of $64.82.

Millicom International Cellular (NASDAQ:TIGO) last posted its quarterly earnings data on Tuesday, May 12th. The technology company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The company had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.99 billion. Millicom International Cellular had a return on equity of 16.38% and a net margin of 19.16%. As a group, sell-side analysts predict that Millicom International Cellular will post 3.76 EPS for the current year.

Institutional Investors Weigh In On Millicom International Cellular

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TIGO. JPMorgan Chase & Co. raised its holdings 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. Goldman Sachs Group Inc. purchased a new stake in shares of Millicom International Cellular in the first quarter worth approximately $50,664,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Millicom International Cellular by 46,519.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,263,376 shares of the technology company’s stock worth $70,042,000 after buying an additional 1,260,666 shares during the period. Tredje AP fonden purchased a new stake in shares of Millicom International Cellular in the fourth quarter worth approximately $60,459,000. Finally, State Street Corp raised its holdings in shares of Millicom International Cellular by 129.2% in the second quarter. State Street Corp now owns 1,820,070 shares of the technology company’s stock worth $68,198,000 after buying an additional 1,026,063 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.