Antoine Prevot, an analyst from Bank of America Securities, reiterated the Hold rating on Magnum Ice Cream Co. N.V.. The associated price target was raised to €14.40.
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Antoine Prevot has given his Hold rating due to a combination of factors related to Magnum Ice Cream Co. N.V.’s recent performance and near‑term outlook. The company’s FY25 results came in below expectations on organic growth, margins, and EPS, and while the AMEA division is performing well with strong growth and profitability, developed markets such as Europe and ANZ are showing a weaker backdrop, with parts of the portfolio likely declining.
Prevot’s view is that MICC should eventually benefit from lower cocoa costs, but these gains will materialize mainly from late FY26 into FY27 and could be partially competed away in Europe, where private labels are strong and may pressure pricing. FY26 is seen as a transition year, burdened by sizable separation and restructuring costs and a deflationary pricing environment in Europe, which together create execution risk; although the stock trades at a discount to staples and the price objective was raised slightly, he considers this discount appropriate and thus maintains a Neutral stance.
In another report released on February 12, Jefferies also maintained a Hold rating on the stock with a €13.60 price target.