Jefferies cuts Pandora to 'hold', citing silver volatility, weak consumer sentiment

Pandora A/S

03/02/2026 08:39

** Jefferies cuts Danish jewellery maker Pandora PNDORA.CO to "hold" from "buy,"

** Says volatile silver prices, weakening demand are squeezing margins and clouding earnings outlook; cuts TP to DKK 530 from DKK 850

** Rising input costs alongside a rapidly deteriorating lower-income consumer are creating persistent gross margin pressures, Jefferies says

** Shares are down 3.5% in early trade

** Stock topped the pan-European STOXX 600 .STOXX index on Monday, driven by plunging silver prices, highlighting Pandora's sensitivity to moves in the metal

** Jefferies says silver prices have risen about 158% since January 2025, a move that could cut Pandora's 2027 profit forecast by roughly 60%

** "We expect the challenges of the last few months will mean, even in a more normal silver price world, the company will remain substantially cheaper than even a year ago," Jefferies analysts say

** Out of 20 analysts that cover Pandora, four rate the stock "strong buy" or "buy,"​ 13 "hold" and three​ rate the stock "strong sell" or "sell" - LSEG data

 (Reporting by Jesus Calero)

 ((jesus.calero@thomsonreuters.com))