Berenberg Lifts Q3 Organic Growth Forecast for Magnum Ice Cream Co on 'Supportive' Weather

07:03 AM EDT, 10/13/2026 (MT Newswires) -- Berenberg raised its third-quarter organic growth forecast for The Magnum Ice Cream Co (MICC.AS, MICC.L), or TMICC, as "supportive" warmer weather lifted ice cream demand. The research firm said Tuesday its organic growth estimate for the quarter is 20 basis points below the consensus of 4.5%, which increased 130 bps following the company's second-quarter results and a "substantial sequential acceleration" on a three-year stack. For full-year 2026, Berenberg now expects organic growth of 4.7%, up from the prior 4.3% and above the midpoint of the ice cream company's guidance of between 3% and 5%. "Our weather tracker and channel checks provide a positive read heading into TMICC's Q3 results, though we think that this acceleration is already well reflected in consensus volume and lfl growth estimates," analysts said. "Our weather tracker provides a positive Q326 signal across all three metrics, with drier, warmer conditions and more heat-spike days than in Q325. The yoy weather development in Q3 is expected to be even more positive than that in Q2, according to our weather tracker." Meanwhile, Berenberg retained its hold rating on the stock, citing caution on the ice cream sector's medium-term outlook due to the potential volume impact of weight-loss medications, slowing population growth and a "tougher" weather comparison from 2027. The stock's price target was also trimmed to 14.80 euros from 15 euros, reflecting higher bond yield assumptions and a lower 2026 adjusted EPS forecast.