UBS downgraded Millicom (TIGO) to Neutral from Buy with a price target of $49, up from $39.50. After years at a discount, Millicom’s valuation has caught up with Latin American peers, but it is showing the softest growth outlook among them, the analyst tells investors in a research note. While Millicom is well-positioned in its regions and the potential Colombia deal could be accretive, the market appears to have already priced this in.
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