JPMorgan raises Millicom target to USD 105 despite Neutral rating
JPMorgan Chase has raised its target price for Millicom International Cellular S.A. (ISIN LU0038705702, Ticker: TIGO) from USD 100 to USD 105 while maintaining a Neutral rating. The adjustment was announced on August 18, 2026, according to MarketBeat. Despite the higher target, JPMorgan's Neutral stance contrasts with the broader analyst consensus, which currently includes three Buy ratings, three Hold ratings, and one Sell rating, resulting in a Hold consensus and an average target of USD 85.68 as of October 2, 2026.
Millicom's stock was trading at EUR 78.25 on October 5, 2026, unchanged from the previous close, according to Lang & Schwarz. The stock's performance on the Nasdaq has been more volatile, closing at USD 88.32 on October 2, 2026, within a 52-week range of USD 44.88 to USD 107.13. The company's market capitalization stands at USD 14.8 billion as of October 2, 2026.
Financially, Millicom reported strong second-quarter 2026 results, with revenue reaching USD 2.18 billion, up 59.40 percent year over year, and adjusted EBITDA growing 9.10 percent organically to USD 1.01 billion. The company's equity free cash flow increased by 50.10 percent year over year to USD 327 million, prompting management to raise the full-year 2026 equity free cash flow guidance to at least USD 1.10 billion.
The next earnings report is scheduled for November 5, 2026, with analysts expecting revenue of USD 2.23 billion, slightly higher than the second-quarter figure. The stock's trading activity will continue to be monitored through real-time updates.