Millicom International Cellular SA

TIGO · NASDAQ

$78.34−$1.59 (−1.99%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $79.93

TIGO analyst rating

HoldConsensus of 4 analysts over the last 12 months. 25% rate it a buy.

Strong buy0
Buy1
Hold2
Underperform1
Sell0

12-month price target · 10 analysts

Average $84.21 (+7.5% upside)

Low: $53.78
Now: $78.34
High: $105.00

Upgrades and downgrades

The latest rating actions, newest first

TIGO analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Aug 18, 2026	Downgrade	Overweight → Neutral	$100.00 → $105.00	64%
Scotiabank	Aug 7, 2026	Maintains	Sector Underperform	$52.40 → $60.10	69%
UBS	Jul 14, 2026	Maintains	Neutral	$90.00 → $100.00	30%
Scotiabank	May 27, 2026	Maintains	Sector Underperform	$51.20 → $52.40	69%
JP Morgan	May 20, 2026	Maintains	Overweight	$86.00 → $100.00	64%
Scotiabank	Mar 30, 2026	Maintains	Sector Underperform	$43.00 → $51.20	69%
HSBC	Mar 6, 2026	Upgrade	Hold → Buy	$89.00	40%
Scotiabank	Feb 11, 2026	Downgrade	Sector Perform → Sector Underperform	$46.80 → $43.00	69%
UBS	Jan 15, 2026	Upgrade	Neutral → Buy	$49.00 → $70.00	30%
JP Morgan	Nov 17, 2025	Maintains	Overweight	$55.00 → $63.00	64%

The case for and against

Updated Feb 9, 2026

Bull case

Millicom International Cellular is poised for growth through strategic acquisitions, including the operations of Telefonica in Ecuador and Uruguay, which will expand its market presence in the region. The firm’s wireless networks currently cover approximately 120 million people, serving 42 million customers, while its fixed-line services reach 14 million homes and cater to around 4 million broadband customers, indicating a substantial customer base. Despite projected increases in net debt due to these acquisitions, Millicom's emphasis on converged service offerings and the potential for operational improvements in newly acquired territories positions it favorably for future financial performance.

Bear case

The analysis indicates that Millicom International Cellular has a notably low capex-to-sales ratio of 12.2% for 2024, which could raise concerns about the firm's investment in infrastructure relative to its revenues. Additionally, the entrance of Nubicom SRL into the Argentine market with a new 5G network may create downward pressure on average revenue per user (ARPU) and profit margins, intensifying competition in an already challenging market. These factors contribute to a negative outlook on the company's future financial performance as it navigates increased competition and potential revenue challenges.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.