Gabelli Maintains Millicom International Cellular Buy (MICC)

Gabelli & Company maintained its Millicom International Cellular MICC Buy rating in a research report published today. In the report, Gabelli states, "We believe that MICC's focus on higher value customers and emphasis on revenue growth over pure subscriber growth is appropriate. While taking geopolitical risks into consideration, we believe that valuation is attractive (MICC is trading at 5.6x 2012P EBITDA), given its meaningful growth prospects in underpenetrated markets, improving FCF-profile, and strong balance sheet. 2011 PMV: $119 per share, growing to $127 in 2012." Shares of Millicom International Cellular were at $90.25 in pre-market trading at the time of posting, down 0.39% from Thursday's market close.