Pandora Gains as Nordea Sees 2013 Sales Jump: Copenhagen Mover
Pandora A/S (PNDORA) rose the most among Copenhagen’s benchmark stocks today after Nordea Bank AB said the Nordic region’s biggest jewelry maker will exceed its sales forecast.
Pandora rose as much as 2.4 percent, making the stock the biggest winner in the Nasdaq OMX Copenhagen 20 index. (KFX) The shares added 2.3 percent to 229.20 kroner at 9:32 a.m. in the Danish capital, with trading volume at 21 percent of the three-month daily average.
Pandora on July 30 raised its 2013 revenue and profit forecasts and two weeks later reported second-quarter net income that beat analyst estimates as sales of its charms soared. Nordea raised its price estimate on the share to 275 kroner from 250 kroner and repeated a recommendation that investors buy the shares.
“It’s a really good time to buy the Pandora stock,” Nordea said in a note. The bank said Pandora’s 2013 revenue forecast is “conservative” and that low silver prices as well as new store openings will help boost profit.
Nordea said it estimates Pandora will report full-year sales of 8.6 billion kroner ($1.6 billion), exceeding the Glostrup, Denmark-based jewelry maker’s own forecast of 8 billion kroner.
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