As previously reported, Scotiabank downgraded Millicom (TIGO) to Sector Perform from Outperform with an unchanged price target of $37. The stock has rallied 47% since September 2024, outperforming peers, the analyst tells investors in a research note. The firm says that regardless of acquisitions in the Latin America telecom market, Millicom’s valuation “looks stretched at these levels.”
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