Pandora: shares fall as analyst cuts target

(CercleFinance.com) - Shares in Danish jewellery maker Pandora fell on Monday after Morgan Stanley cut its target price for the stock.


In a note to clients, the US broker said that it has cut its target price on the share from 700 Danish kronor to 535 Danish kronor, citing "weaker mid-term outlook."

"First-quarter gave rise to further concerns on brand desirability and value for money," it said in a note.

"However, we remain equal-weight, as we think the current share price fairly reflects these concerns," it added.

Pandora shares were down 2.8% at 474 Danish kronor in Copenhagen on Monday.


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