UBS ups Pandora to 'neutral' on improved execution, limited downside

Pandora A/S

02/07/2026 12:43

** UBS upgrades Danish jewellery maker Pandora PNDORA.CO to "neutral" from "sell," citing limited downside risks and improved strategic execution under the new CEO
** The brokerage notes the brand is heading the right way via a renewed focus on local relevance, emotional storytelling and product innovation
** "A silver lining emerges," the broker says, adding that stabilising underlying trends and cautious 2026 guidance increase the potential for positive topline surprises      
** UBS highlights that reset margin expectations and the introduction of platinum-plated jewellery provide a needed support level to estimates for the momentum-driven stock      
** The broker raises its PT by 49% to DKK 757 and lifts its EPS estimates for 2026-2028 on easing silver price headwinds and a smoother metal transition
** Out of 20 analysts that cover the stock, four rate Pandora "strong buy" or "buy", 13 rate "hold", and three rate "sell" or "strong sell"
     

(Reporting by Marta Frackowiak)
((marta.frackowiak@thomsonreuters.com))