Deutsche Bank cuts Pandora to 'hold' as silver price spike pressures model

Pandora A/S

20/01/2026 11:28

** Deutsche Bank cuts Pandora PNDORA.CO to "hold" from "buy", saying the surge in silver prices has made the jeweller's current model unworkable

** "If silver holds at $90, this model is, in our view, not viable in its current form, and the shape of Pandora's operating economics and growth algorithm need to shift substantially" the broker says

** It now sees gross margin for 2027 closer to 65%, rather than the around 80% assumed earlier, even when factoring in reducing silver usage by a third

** "This doesn't yet look reflected in sell-side consensus modelling a close to 17% EBIT margin, vs the 12% we model," DB says

** Out of 20 analysts that cover Pandora, six rate the stock "strong buy" or "buy",​ 11 "hold" and three​ "strong sell" or "sell" - LSEG data

(Reporting by Elviira Luoma)

((Elviira.luoma@thomsonreuters. Elviira.luoma@thomsonreuters.ocmcom))