Citi initiates Magnum Ice Cream at 'neutral' as valuation looks fair

The Magnum Ice Cream

15/09/2026 08:04

** Citi initiates coverage on Ben & Jerry's owner Magnum Ice Cream Company MICCT.AS with a "neutral" rating, citing a fair valuation and a "less favorable risk/reward next year"
** "Favorable weather and execution on cost savings have led to a valuation convergence with European Food, but we question its sustainability," says the broker
** Citi sees a strong third quarter but says an upward re-rating will require more time to materialize
**  "We believe a durable re-rating requires more than a good season, and history suggests cost-saving stories usually do not command elevated multiples over time," it says
** Citi sets a €17.70 PT, slightly above the previous day's closing price of €17.20
** Out of 15 analysts who cover Magnum Ice Cream, seven rate the stock "strong buy" or "buy,"​ six rate it "hold," and two​ rate the stock "strong sell" or "sell"  - LSEG data

(Reporting by Dimitri Rhodes in Gdansk)
((dimitri.rhodes@thomsonreuters.com))