Scotiabank Upgrades Millicom International Cellular Outlook

Recent upgrades by Scotiabank mark a positive shift for Millicom International Cellular, as strong revenue projections and a bullish price forecast indicate potential for stock price appreciation. Analyst sentiment suggests a promising outlook for investors in TIGO.

Date: 21-09-2024

AI Rating: 7

According to a recent report, Scotiabank has upgraded the outlook for Millicom International Cellular (TIGO) from Sector Perform to Sector Outperform, signaling a positive sentiment that could influence stock prices.

The average one-year price target for TIGO is set at $30.13/share, suggesting an 8.25% increase from its latest closing price of $27.83. This forecast indicates the potential for stock appreciation, which can attract more investors seeking positive returns.

Millicom's projected annual revenue is forecasted at $6,184MM, reflecting a 5.82% increase. This growth in revenue can be a strong indicator of the company's ability to generate profits and sustain its operations, which is crucial for long-term investors.

Additionally, the report mentions a projected non-GAAP EPS of 2.35, which further emphasizes the company's profitability. A rising EPS usually correlates with a higher stock price, enhancing the attractiveness of TIGO's stock for investors.

Investor sentiment is also on the rise, with a reported increase of 27.50% in the number of funds holding TIGO shares, suggesting growing confidence among institutional investors. The average portfolio weight dedicated to TIGO increased by 20.52%, indicating a more significant commitment to the stock.

Moreover, the put/call ratio of 0.75 indicates a bullish outlook among options traders, as a ratio below 1 generally suggests that more traders are betting on stock price increases than decreases.

Given these positive indicators, TIGO appears to be a stock to watch for potential growth and profitability in the coming year.

Stocks: TIGO