The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

0911 ET - 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. (ian.walker@wsj.com)

0853 ET - Innovation is essential for sporting-goods companies at a challenging time for the industry, but it isn't enough, Berenberg analysts write in a research note. On Holding, Puma and Adidas recently hosted events at which they presented new products. "We see innovation as a necessary but insufficient condition for growth," the analysts say. Given that technological capabilities among rivals are converging, differentiation depends to a greater extent on the ability to bring innovations to market, they add. Adidas and On have excelled in this regard, while Puma's industry-leading technology in performance products like running shoes remains underappreciated, Berenberg says. (andrea.figueras@wsj.com)

0847 ET - PZ Cussons has the flexibility to return cash to shareholders given its improved balance sheet, J. P. Morgan's Edward Hockin and Celine Pannuti write. The Imperial Leather and Carex owner could also pursue progressive dividends and potential bolt-on acquisitions, they add. However, the analysts say input-cost inflation could hurt near-term earnings. "Further proof points on sustainable earnings compounding may be needed to significantly re-rate the stock," they say. J. P. Morgan has a neutral rating on the stock and 110 pence target price. Shares are down 3.2% at 94.90 pence, but 28% higher over the year-to-date. (ian.walker@wsj.com)

0812 ET - McCormick's F3Q results were better than many feared, JPMorgan says in a research note. The spice maker posts higher-than-anticipated adjusted earnings, and the company's gross margin strength stands out given the challenging input cost environment, analysts Thomas Palmer and Brandon Cohen say. "If one wanted to nitpick, the main item would probably be that MKC's implied 4Q EPS of $0.78 is well below the consensus estimate of $0.88," they say. "But we think this should be given a pass, when considering fears of a full year talkdown and that MKC is riding a 3-quarter streak of double-digit EPS beats." (connor.hart@wsj.com)

0801 ET - Zalando faces risks from shifts in agentic commerce, J.P. Morgan analysts say in a note. Agentic commerce is an online shopping model that uses artificial intelligence to search for, compare and purchase products and services on behalf of users. Zalando's shares have struggled recently as the roll-out of Muse, Meta's personal AI agent, has reignited concerns about the risks of this shopping model, the analysts say. "We remain concerned about the potential impacts to the business (and particularly risk to the margin) as the channel develops," they say. "Hence, we struggle to become more constructive on the stock," the analysts add. Shares in the German online retail company trade 1.3% lower. (andrea.figueras@wsj.com)

0800 ET - McCormick continues to operate in a dynamic environment, CEO Brendan Foley says in prepared earnings remarks. "Geopolitical volatility, elevated fuel costs, and persistent inflation continue to influence consumer confidence and spending," he says. "In the U.S., higher gas prices and the Cyclospora outbreak have added pressure and contributed to softer traffic across foodservice and grocery channels." Within this environment, consumers are looking for practical ways to manage budgets, Foley says, including using what's in their pantries, repurposing leftovers and seeking simple, affordable ways to add flavor at home. (connor.hart@wsj.com)

0755 ET - Consumers continue to be incredibly conscious of value, McCormick CEO Brendan Foley says in prepared earnings remarks. And in many cases, shoppers are buying fewer spices and seasonings when forced to pay higher prices for foods such as seafood and beef, he adds. These behaviors have prompted McCormick to take steps to improve consumption and strengthen its competitive position. The company is working to optimize its portfolio to better serve its customers' needs, while also selectively taking pricing and promotional action to drive sales, Foley says. Looking ahead, McCormick will increase investments around holiday activations and continue to scale its high-growth platforms such as finishing salts and sugars. McCormick is up 5% premarket. (connor.hart@wsj.com)

0742 ET - Adidas's sales guidance for the current year appears less conservative, as pressures in the sporting-goods market pile up, Deutsche Bank's Adam Cochrane says. The German group has been a "frustrating stock" for investors, the analyst writes in a research note. The shares have suffered from wider industry dynamics and a lack of earnings upgrades rather than any operational errors, Cochrane says. The company's sales outlook was viewed as conservative, but "now it appears more realistic," he adds. Adidas expects currency-neutral revenue to increase between 9% and 10% in 2026 at a time when the industry is grappling with inflation, rising competition and high levels of promotional activity. The bank confirms its buy rating on the stock. Shares fall 1%. (andrea.figueras@wsj.com)

0731 ET - Citi boosts its 12-month bitcoin target price to $113,000 from $82,000 as debasement fears return to markets. Renewed investor concern that high government deficits could erode the value of fiat currencies is one reason behind the shift in thinking. Regulatory clarity is another. "Paradoxically, the failure of the Clarity Act which spurred agency rulemaking, helped crypto regain technical levels," the analysts say. Citi adds that ETF inflows should be relatively sticky and consistent as investors gradually adopt bitcoin into portfolios. Bitcoin is 0.2% higher at $83,898. (joseph.wilkins@wsj.com)

0655 ET - Ferrari remains a compelling long-term buy-and-hold investment, with shares trading at a discount to their long-term trading range, AlphaValue analyst Adrien Brasey writes. The company's unique business model, underpinned by scarcity, a record order book covering all of 2027, and sustained pricing power, provides exceptional earnings visibility and resilience, he says. The latest guidance upgrade, combined with personalization revenues ahead of plan, reinforces Ferrari's long-standing track record of exceeding guidance and achieving strategic targets ahead of schedule, he adds. AlphaValue says it thinks the company's 2030 financial targets represent a floor rather than a ceiling. It rates Ferrari at add with a 438 euro target price. Shares rise 0.1% to 346.80 euros. (dominic.chopping@wsj.com)

0647 ET - BMW signaled lower profit margins in the medium term at its investor day, but also offered a more credible path to improvement driven by self-help rather than hopes of an industry recovery, Deutsche Bank analyst Tim Rokossa writes. "We see the investment case as partially de-risked, although China remains the key uncertainty." Management is taking more decisive action on costs, localization and the dealer network, while still assuming broadly stable volumes and continued positive EBIT, the bank says. The absence of a formal capital-return framework was likely the biggest source of initial investor disappointment, but management reiterated its willingness to distribute excess cash, it adds. The bank lowers its target price on the stock to 71 euros from 78 euros and keeps its buy recommendation. Shares fall 0.1% to 55.24 euros. (dominic.chopping@wsj.com)

0635 ET - The U.K.'s FTSE 100 is on track to hand back a summer's worth of gains, as sliding banks and healthcare stocks drag the index sharply lower Thursday. The index falls 1.6%, putting it on track to close at a level not seen since June. All FTSE 100 sectors are lower Thursday. Higher borrowing costs are weighing on the index, AJ Bell's Russ Mould says. HSBC and NatWest drop 3.25% and 3.05%, respectively, while Standard Chartered falls 2.7%. London's premier index is yet to close at the high it hit before the start of the U.S.-Iran war in February, with the index 4.3% off its Feb. 27 record close.