Magnum Sales to Benefit from Hotter European Weather
Dow Jones
Sep 25
0944 GMT - Magnum's sales are set to be given a boost by warmer summers in Europe, J.P. Morgan analysts Celine Pannuti and Edward Hockin write. The analysts expect the ice-cream company to report sales growth of 5.6%, driven by stronger results in Europe, Australia and New Zealand, at its trading update on Oct. 29. "Net-net, we think the confident tone on the market growth currently and share performance signals strong trading in 3Q," J.P. Morgan wrote earlier this month. The bank has a neutral rating on the stock and 14-euro price target. Shares are down 1.2% at 16.696 euros, but up 23% over the year to date.
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