Millicom upgraded to Buy at New Street on Q4 results, free cash flow guide

New Street analyst Soomit Datta upgraded Millicom to Buy from Neutral with a price target of $24, up from $20. The firm is citing the company’s better than expected Q4 results and even stronger expected free cash flow guide driven by Xavier Niel and the management’s ambitious cost cutting program, the analyst tells investors in a research note. The firm also expects Millicom to de-lever from net debt 3.2-times EBITDA at the end of 2023 to a more stable 2-times over the next 2-3 years.