Pandora shines in Copenhagen thanks to Bank of America’s ‘promotion’

(Il Sole 24 Ore Radiocor) - Pandora is shining on the Copenhagen Stock Exchange, thanks to a significant upgrade from Bank of America analysts. The jewellery company’s share price rose by over 3%. Thanks also to today’s gains, the week ends with a rise of over 11%. BofA has upgraded Pandora’s rating by two notches, from ‘underperform’ to ‘buy’, with a target price of 790 kroner.

The US bank forecasts a clear growth trajectory for the share price, as adverse factors ease and organic sales growth stabilises. The operating profit (EBIT) growth forecasts for the period 2026–2028 have been revised upwards, rising from 6% to 35%. Bank of America expects comparable sales (on a like-for-like basis) to perform “better than expected” in the second quarter.

According to BofA, the outlook for gross margin has also improved, as the price of silver has fallen significantly from its January peak and now stands below $82 per troy ounce, the benchmark used by the company for its forecasts for the 2026–2027 financial years. At the same time, the positive impact of exchange rates has increased and Bank of America now expects a positive impact of 70 basis points. Pandora has also applied for a refund of US tariffs, which, if granted, would constitute a further positive factor not currently factored into the bank’s estimates.

According to BofA, Pandora is entering the early stages of a recovery in earnings per share, partly as a result of better-than-expected results for the first quarter of 2026. On its website, Pandora describes itself as “the world’s largest jewellery brand, specialising in the design, manufacture and sale of accessible luxury jewellery”. Pandora jewellery is sold in over 100 countries through around 7,000 retail outlets, including more than 2,800 concept stores. Headquartered in Copenhagen, Pandora employs around 39,000 people worldwide and crafts its jewellery from 100% recycled silver and gold.