Magnum Ice Cream Could Raise Sales Guidance at 3Q Update
Dow Jones
Yesterday
1311 GMT - Magnum Ice Cream is well positioned to upgrade its full-year organic sales growth forecast when the company reports third-quarter earnings later this month, UBS analysts Guillaume Delmas and Andrei Condrea write. They say the company--which was spun out from Unilever last December--could raise OSG guidance "toward the top-end of the 3%-5% range," from 3%-5%. UBS expects the company to report OSG of 5.3% and organic volume growth of 3.7% for the third quarter, compared with 4.8% and 2.3% respectively in 2Q. Magnum is due to report its 3Q update on Oct. 29. UBS has a buy rating on the stock and 18.30-euro target price. Shares are down 2.4% at 15.33 euros but 13% higher over the year-to-date.
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