'Pandora is past the worst' - BofA ups to 'buy'
BUZZ-'Pandora is past the worst' - BofA ups to 'buy' ** BofA Securities double-upgrades Danish jewellery maker Pandora PNDORA.CO to "buy" from "underperform" as sales stabilise and margin headwinds subside
** "After a challenging 18 months, Pandora is past the worst", it says
** BofA almost doubles PT to DKK 790, noting the stock's undemanding valuation on trough earnings ahead of new product launches
** It expects higher gross margins since silver spot prices have fallen materially from January peaks while FX tailwinds have increased
** It adds that potential refunds for tariffs paid in the U.S. could present an additional upside not currently included in its estimates
** Shares of Pandora rise 2.7%
(Reporting by Agnieszka Gosciak-Rabalska)
((Agnieszka.Gosciak@thomsonreuters.com; +48 58 769 66 00;))
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