Pandora: shares rise as preliminary results match forecasts
(CercleFinance.com) - Pandora's shares are up over 5% on Tuesday, one day after the Danish jeweler gave preliminary quarterly results that matched its financial guidance.
Q4 like-for-like sales are expected to be down 4%, which is in line with the expectations communicated at the beginning of the year, the group said in a statement on Monday.
Organic growth is expected to be -1% in the fourth quarter, compared to -8% for the full year 2019.
"We believe the like-for-like improvement is encouraging but is a natural response from the new product launches and marketing push," analysts at BofA Global Research said today.
The broker, which has a "neutral" rating on the shares, has nevertheless nudged up its target price from 315 Danish kronor to 335 Danish kronor.
The stock is currently up over 5% at 344.8 Danish kronor.
As previously communicated, Pandora said that it expects like-for-like sales to be negative in 2020.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Q4 like-for-like sales are expected to be down 4%, which is in line with the expectations communicated at the beginning of the year, the group said in a statement on Monday.
Organic growth is expected to be -1% in the fourth quarter, compared to -8% for the full year 2019.
"We believe the like-for-like improvement is encouraging but is a natural response from the new product launches and marketing push," analysts at BofA Global Research said today.
The broker, which has a "neutral" rating on the shares, has nevertheless nudged up its target price from 315 Danish kronor to 335 Danish kronor.
The stock is currently up over 5% at 344.8 Danish kronor.
As previously communicated, Pandora said that it expects like-for-like sales to be negative in 2020.
Copyright (c) 2020 CercleFinance.com. All rights reserved.