Magnum Ice Cream initiated with a Neutral at BofA

BofA initiated coverage of Magnum Ice Cream (MICC) with a Neutral rating and EUR 13.80 price target While the rationale behind the split from Unilever to create the largest player globally in ice cream with 21% share “makes sense” and should lead to better capital allocation, the benefits from the transformation likely will take time and “properly start” in FY27, the analyst tells investors.