Pandora: shares up on BofA upgrade

(CercleFinance.com) - Shares of Danish jewelry maker Pandora rose over 3% in afternoon trading on Wednesday after Bank of America upgraded the stock to "buy" from "neutral".


The broker also raised its target price for the share from 600 Danish kronor to 800 Danish kronor, saying that efforts to turn the brand around are "paying off."

"After two years of extensive strategic changes, we think Pandora is now set to reap the benefits of its brands turnaround," the analysts wrote in their report.

"We believe Pandora has successfully re-engaged with its customer base thanks to reinvestments in products and marketing," they added.

BofA pointed out that group like-for-like sales growth had become positive in September and October, after three years of decline.

Pandora shares rose by up to 3.2% in Wednesday afternoon trading on the Copenhagen Stock Exchange.

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