5 Best African Stocks to Buy Now

3. IHS Holding Limited (NYSE:IHS)

Number of Hedge Fund Holders: 14

IHS Holding Limited (NYSE:IHS) is a London, UK-based provider of telecommunications infrastructure across the continents of Africa, Latin America, and the Middle East. The company has the distinction of being the fourth biggest independent tower company in the world.

On November 16, Colby Synesael at Cowen increased the target price for IHS Holding Limited (NYSE:IHS) from $27 to $29 and reiterated an Outperform rating. The analyst highlighted that IHS Holding Limited (NYSE:IHS) is showing signs of resilience as the company is aggressively pursuing its carbon reduction roadmap called Project Green. Synesael thinks IHS Holding Limited’s (NYSE:IHS) balance sheet offers flexibility which can result in a better valuation. IHS Holding Limited (NYSE:IHS) is one of the best African stocks as the management is focused on improving the company’s fundamentals and is targeting a revenue CAGR of 11% till 2025.

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