Millicom price target raised to $26.10 from $18 at Scotiabank

Scotiabank raised the firm’s price target on Millicom to $26.10 from $18 and keeps an Outperform rating on the shares. The analyst says Millicom is guiding an “impressive” $550M in free cash flow for 2024 on the back of stronger-than-expected savings from Project Everest. The firm says the company’s Guatemala EBITDA is back to growth while Colombia is seeing “impressive profitability improvement.”