RBC Adjusts Unilever Price Target, Earnings Estimates After Magnum Ice Cream Spin-off

11:50 PM EST, 12/09/2025 (MT Newswires) -- RBC Capital Markets revised its model for Unilever (UNA.AS, ULVR.L) after the demerger of Magnum Ice Cream (MICC.AS, MICC.L) and the related share consolidation. As such, analysts on Tuesday raised their price target for the consumer goods giant to 40 pounds sterling from 39 pounds and maintained their underperform rating. The research firm also adjusted its foreign exchange assumptions. "We expect to refine these over the coming weeks as more information becomes available. For now, we crudely remove the entirety of Ice Cream from our forecasts from FY26 onwards, including a net debt reduction of (Euro)3.3bn (assuming net debt/EBITDA of 2.4x). Our forecasts also incorporate [a] higher share of associate income from [The Magnum Ice Cream Company] from next year onwards," RBC wrote.