Morgan Joseph Raisies Price Target on Millicom Int'l (MICC), Strong Balance Sheet, Market Trends, & Q1 Results
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Price: $110.18 --0%
Rating Summary:
3 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
Rating Summary:
3 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
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Morgan Joseph is reiterating its Buy rating on shares of Millicom Int'l (NASDAQ: MICC) and is raising its price target from $102 to $111 following strong Q1 results.
The company reported its Q1 results with revenue of $1.081 billion and an EBITDA of $509.3 million. The firm reports that the upside was primarily caused by greater-than-expected subscriber net additions, as ARPU generally came in as expected.
Management indicated that its decision to de-list from the United States around May 30 and list solely on the NASDAQ OMX Stockholm was made to eliminate the extra demands of listing in the US. The firm was surprising given that most outside investors of MICC are domiciled in the US and believes that shares will experience some extreme volatility over the next few weeks as large investors begin to sell off.
Morgan Joesph is raising its Q1 revenue and EBITDA estimates to $1.104 billion and $514.6 million from $1.080bn and $494.7mm, respectively. We are increasing our full-year 2011 revenue and EBITDA projections to $4.485 billion and $2.091 billion from $4.394 billion and $2.028 billion.
Millicom has committed to repurchasing $800 million of equity, a significant increase over the previously announced $300 million, and plans to pay a dividend of $1.80 per share.
For more ratings news on Millicom Int'l click here and for the rating history of Millicom Int'l click here.
Shares of Millicom Int'l closed at $101.07 yesterday.
The company reported its Q1 results with revenue of $1.081 billion and an EBITDA of $509.3 million. The firm reports that the upside was primarily caused by greater-than-expected subscriber net additions, as ARPU generally came in as expected.
Management indicated that its decision to de-list from the United States around May 30 and list solely on the NASDAQ OMX Stockholm was made to eliminate the extra demands of listing in the US. The firm was surprising given that most outside investors of MICC are domiciled in the US and believes that shares will experience some extreme volatility over the next few weeks as large investors begin to sell off.
Morgan Joesph is raising its Q1 revenue and EBITDA estimates to $1.104 billion and $514.6 million from $1.080bn and $494.7mm, respectively. We are increasing our full-year 2011 revenue and EBITDA projections to $4.485 billion and $2.091 billion from $4.394 billion and $2.028 billion.
Millicom has committed to repurchasing $800 million of equity, a significant increase over the previously announced $300 million, and plans to pay a dividend of $1.80 per share.
For more ratings news on Millicom Int'l click here and for the rating history of Millicom Int'l click here.
Shares of Millicom Int'l closed at $101.07 yesterday.
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