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Investing.com - JPMorgan has raised its price target on Millicom International Cellular SA (NASDAQ:TIGO) stock to $63.00 from $55.00 while maintaining an Overweight rating. This new target aligns closely with InvestingPro’s Fair Value assessment, which suggests TIGO is currently undervalued despite trading near its 52-week high of $51.80.
The price target increase follows Millicom’s third-quarter 2025 results and incorporates stronger trends in several markets as well as the company’s acquisitions of Telefonica Uruguay and Ecuador. TIGO reported a diluted EPS of $6.48 for the last twelve months, with a healthy gross profit margin of 76.96%.
Millicom stock has rallied 115% over the past year, outperforming the MSCI LatAm index which gained 36% during the same period. The telecom company has also outpaced other major Latin American telecommunications companies, including Tim (+66%), AMX (+59%), and Vivo (+46%). InvestingPro data shows TIGO’s impressive YTD return of 129.09% and a substantial 48.47% gain over the last six months.
Despite the significant rally, JPMorgan believes Millicom still offers further upside potential. The firm notes that Millicom provides a 10.4% free cash flow yield for 2026, ahead of major Latin American telecom companies which range from 7.1% to 8.6%. This aligns with InvestingPro data showing TIGO’s current free cash flow yield of 13% and a P/E ratio of just 7.82.
JPMorgan’s new price target represents 25% potential upside for Millicom shares, or 38% when including dividends. TIGO currently offers a substantial 5.96% dividend yield with a $3.00 dividend per share, making it an attractive option for income-focused investors. The company’s overall financial health score is rated as "GREAT" by InvestingPro, which offers comprehensive research reports on TIGO and 1,400+ other US equities.
In other recent news, Millicom International Cellular SA reported its third-quarter earnings for 2025, significantly surpassing Wall Street expectations. The company achieved an earnings per share (EPS) of $1.17, compared to the forecasted $0.65, marking an 80% surprise. Additionally, Millicom’s revenue exceeded projections, reaching $1.42 billion against an anticipated $1.4 billion. These results reflect positive investor sentiment, with the earnings report highlighting strong financial performance. Analysts had projected lower figures, making the actual results noteworthy for stakeholders. The company’s ability to exceed both earnings and revenue forecasts is a key development for investors. This announcement has generated interest among market participants, emphasizing Millicom’s robust quarterly performance.
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