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Investing.com - UBS initiated coverage on Pandora (OTC:PNDRY) A/S (CPH:PNDORA) (OTC:PANDY) with a Sell rating and a price target of DKK950.00.
The investment bank acknowledged Pandora’s successful turnaround under CEO Alexander Lacik, which has positioned the company for long-term value creation and accelerated topline growth.
Despite recognizing Pandora’s structurally attractive business fundamentals, UBS expressed concern about uncertainty from normalizing sales momentum and associated margin pressure.
UBS believes the market may be underestimating downside risks to volumes as the US market moderates, and could be too optimistic regarding the operating leverage of Pandora’s retail business.
The firm’s estimates stand 2%, 7%, and 8% below consensus EBIT for 2025, 2026, and 2027 respectively, with UBS expecting a slowing earnings trajectory to pose de-rating risks for the stock.
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