---
title: "Silver price volatility: why it’s bad news for Pandora stock"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/274695370.md"
description: "Pandora (CPH: PNDORA) is set to release its full-year financial results, but analysts at Jefferies have downgraded the stock from \"buy\" to \"hold\" due to volatility in silver prices, which is a key raw material for the jeweller. The stock has already dropped 27% this year, and Jefferies warns that continued high silver prices could lead to a 60% profit decline by 2027. The uncertainty surrounding silver has turned Pandora into a speculative investment, damaging investor trust and consumer engagement. Jefferies has cut its price target for the stock from 850 to 530 Danish kroner, indicating limited upside potential."
datetime: "2026-02-03T18:07:17.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/274695370.md)
  - [en](https://longbridge.com/en/news/274695370.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/274695370.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/274695370.md) | [English](https://longbridge.com/en/news/274695370.md)


# Silver price volatility: why it’s bad news for Pandora stock

Pandora (CPH: PNDORA), the world’s largest jeweller, is stepping into the high-stakes spotlight this Thursday as it prepares to unveil its full-year financial results.

While investors typically look for sparkles during earnings season, the overall mood surrounding the Danish giant has turned decidedly gray.

Ahead of the scheduled print, analysts at Jefferies delivered a stinging blow by slashing their rating on the jeweller from “buy” to “hold”, citing continued volatility in silver prices.

The downgrade comes at a precarious moment for Pandora stock as it’s already lost an “alarming” 27% since the start of this year.

With the Copenhagen-headquartered firm navigating a minefield of macroeconomic pressures and operational hurdles, Jefferies analysts are convinced that its formerly bright outlook is turning dim in 2026.

## Why silver price volatility is a headwind for Pandora stock

The primary engine behind Jefferies’ bearish pivot is the chaotic behavior of silver, Pandora’s most vital raw material.

In their research note, the analysts expressed deep concern over the “confluence of a more pressured consumer and heightened silver,” adding the company is effectively “caught between a rock and a hard place.”

Although the white metal recently experienced a sharp sell-off, prices are still nearly triple where they stood a year ago.

This dramatic inflation in input costs is a structural nightmare for a business model built on affordable luxury.

According to Jefferies’ internal modeling, if these elevated prices persist, it could translate into a staggering 60% decline in profits by 2027.

The investment firm turned dovish as PNDORA stock is essentially a “subject to a special situation and volatile input.”

## Silver price action makes PNDORA shares scarier

Beyond the immediate ledger impact, Jefferies warns of a deeper, more “pernicious problem” that could haunt the Pandora shares’ valuation for years: a total breakdown in investor trust.

The note emphasized that there will likely be a “long-lasting hesitancy” to buy back into the name because the unpredictability of silver has turned the stock into a proxy for commodity speculation rather than a retail growth story.

Even if the price of silver eventually slips and provides some “mechanical earnings momentum,” the fear is that “investor engagement will be slow in returning.”

Furthermore, the analysts are skeptical that technical pivots – like moving toward stainless steel or silver-plating – will offer a “panacea,” citing the “added complexity of manufacturing” and a possible “deterioration of customer offer” that could alienate loyal fans.

## Pandora may find it hard to recover in 2026

Reflecting this grim reality, Jefferies aggressively cut its price objective on Pandora shares from 850 Danish kroner down to 530 kroner ($84) only, signaling potential for just 5% upside from here

The company’s core demographic – the lower-income consumer – is feeling the burn of the “K-shaped economy,” where rising living costs leave little room for charm bracelets.

Attempts to offset these costs via a 14% price hike have already “damaged consumer engagement,” according to the investment firm.

All in all, PNDORA shares face an uphill battle to prove their luster remains intact when the company reports this Thursday.

The post Silver price volatility: why it's bad news for Pandora stock appeared first on Invezz

## 相關資訊與研究

- [Silver ETFs Log a Brutal Month — Which Fund Stands Out for a Rebound Play?](https://longbridge.com/zh-HK/news/281559738.md)
- [Gold and silver prices are crashing. What's more likely to bounce back?](https://longbridge.com/zh-HK/news/281223214.md)
- [Silver Squeeze Setup: The Turn Is Starting](https://longbridge.com/zh-HK/news/281238519.md)
- [Rubio says Venezuela will ultimately need transition phase, free and fair elections](https://longbridge.com/zh-HK/news/281280690.md)
- [Why Silvercorp Metals (TSX:SVM) Is Up 11.6% After Institutional Inflows Amid Supportive Silver Backdrop – And What’s Next](https://longbridge.com/zh-HK/news/281408731.md)