Pandora lands a Bank of America upgrade, shares respond to sentiment shift

By Stefan Krueger, Long-Term & Business Model desk. Reviewed prior to publication on 2026-06-27, 09:10.

Pandora (DK0060252690) sits in focus after a marked shift in analyst sentiment on the Copenhagen-listed jeweler. Bank of America has moved its view on the stock from Underperform to Buy, a rare two-notch upgrade that has coincided with a positive legal outcome and supportive raw-material trends, according to Investing.com.

What Bank of America changed

Bank of America raised its rating on Pandora from Underperform to Buy and set a new price target of DKK 790, signalling what Investing.com describes as "meaningful upside" from recent trading levels. The upgrade is framed as a turning point, with the house citing easing macroeconomic headwinds and a more stable demand environment for discretionary jewellery purchases.

The reassessment comes against the backdrop of Pandora shares trading on Nasdaq Copenhagen, where the company is a constituent of the OMX Copenhagen 20 index. According to price data from Hargreaves Lansdown, Pandora opened a recent session at DKK 740.40, with a previous close at DKK 709.00 and a market capitalization of around DKK 53.18 billion.

Legal clarity and silver tailwind

Sentiment was also helped by Pandora being acquitted in a civil lawsuit, removing a legal uncertainty that had been a minor but persistent overhang for the shares, as reported by Investing.com. While the case had not been the central driver of the investment story, the clearance removes one risk factor from the narrative, which aligns with the broader theme of a de-risked recovery profile in the stock.

On the commodities side, declining silver prices have given Pandora a structural tailwind, because silver is a critical raw material in the group’s jewellery production. Lower input costs directly support the margin profile, reinforcing the bullish case that Bank of America laid out in its upgrade note. This cost dynamic matters particularly given Pandora’s scale in silver-based charm and bracelet lines, where even modest shifts in raw-material pricing can translate into noticeable changes in operating margins.

The business behind the stock

Pandora is positioned as the world’s largest jewellery brand, with a core focus on affordable, customizable jewellery offerings built around its signature charm bracelets and related lines. The group designs, manufactures and markets jewellery that reaches consumers in more than 100 countries, supported by a network of concept stores, franchise outlets and online channels. This scale makes its cost base and supply chain particularly sensitive to movements in key raw materials like silver.

Where the shares trade today

Pandora shares (DK0060252690) trade on Nasdaq Copenhagen as part of the OMX Copenhagen 20 index, with recent market data indicating a price around the mid-DKK 700 range and a market capitalization of roughly DKK 53 billion. The shares are also accessible via various international trading platforms that quote the stock in Danish kroner, with a price-to-earnings ratio of about 10.3 and a dividend yield near 3.1 percent based on Hargreaves Lansdown data.

This article is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell securities, or any other form of financial guidance. All data and estimates are based on sources cited in the text and may change over time.