Pursuits
Pandora Plunges as Carnegie Survey Reveals `Clear Red Flag'
- Recommendation cut is first by Carnegie in over half a decade
- Dealer survey shows Pandora may have had a weak start to year
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Shares in Pandora A/S lost more than a tenth of their value as a survey indicated the Danish jewelry maker may have struggled to generate revenue growth through its dealers last quarter.
Carnegie, which for more than five years has advised clients to buy the stock, cut its recommendation to hold, and slashed its price target to 850 kroner from 1,200 kroner. Analyst Lars Topholm cited a first-quarter dealer survey indicating “significant deterioration in like-for-like momentum in almost all markets surveyed.”