Millicom (TIGO) is trading higher amid continued follow-through buying after HSBC upgraded the stock from Hold to Buy and introduced an $89 price target (issued March 6, 2026). The upgrade created a new bullish valuation anchor and has been a prominent catalyst behind recent strength, with investors leaning into a “re-rating” narrative as Millicom reshapes its Latin America footprint and pushes cash generation.

The stock’s upside tone has been supported by Millicom’s Q4 2025 performance and its 2026 financial targets. In its Q4 2025 earnings release (Feb. 26, 2026), Millicom reported record adjusted EBITDA and equity free cash flow and set a 2026 EFCF target of at least $900 million with year-end leverage around 2.5x. That same update highlighted a rapid string of strategic actions, including taking full ownership of UNE/Tigo Colombia in late January and closing the acquisition of Telefónica’s controlling stake in Coltel (Movistar Colombia) on Feb. 6, 2026, plus the Feb. 10, 2026 closing of the Telefónica Móviles Chile acquisition through a jointly controlled vehicle.

After multiple transactions in early 2026, the market focus is shifting to integration execution, synergy capture, and whether Millicom can sustain elevated cash generation while managing leverage. Investors are also watching the shareholder-return profile: prior disclosures show significant dividends payable on April 15, 2026 (including quarterly installments and an additional interim dividend previously approved), which can keep the stock in focus as payment dates approach.