RBC Tweaks Price Target, Estimates for Pandora After Q2 Results

03:38 AM EDT, 08/20/2026 (MT Newswires) -- RBC Capital Markets revised its price target and earnings projections for Pandora (PNDORA.CO) as part of a model update following the release of the Danish jewelry company's second-quarter earnings. "These better-than-expected results (part underlying on retail [like-for-like] in 2Q and FY guidance upgrade and part technical on 2Q EBIT margin due to US tariff benefit (US$28m) and favourable phasing of cost investments from 2Q into 2H26) will be well received, and help to justify PANDORA's strong recent share price gains (~2x from March lows). Consensus estimates are likely to move up following this print, and confidence in PANDORA's management changes and initial actions under new [Chief Executive Officer] Berta de Pablos-Barbier are likely to further build ahead of the early November strategic update. That said, valuation is now fair at 15x CY27E P/E and 2.0x EV/sales, which may cap further re-rating potential in our view," according to a Wednesday note. For the quarter, Pandora reported revenue of 7.22 billion Danish kroner, with 3% organic growth and 1% like-for-like growth, and upgraded its full-year 2026 organic growth guidance to 0% to 3% from the prior -1% to +2% target. Accordingly, the research firm boosted its organic revenue growth forecast for full-year 2026 to 3.3% from a 1.4% estimate previously, primarily due to higher like-for-like expectations. "We see upside risk to FY28E EPS estimates where we are 20% above consensus on higher underlying margin recovery potential post-platinum transition and larger share buy-back potential," analysts added. RBC lifted its price target to 900 kroner from 875 kroner, with a sector perform rating.