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Pandora: RBC cuts target price; shares fall.

(CercleFinance.com) - Shares in Danish jewellery maker Pandora are down over 1%, the worst performer on Copenhagen's OMX 20 index this Tuesday, after RBC Capital Markets cut its target price on the share from 900 Danish kronor to 750 Danish kronor.

In a research report sent to clients, the Canadian brokerage firm acknowledges that defending its "outperform" rating has been "difficult" this year.

"We stick with our view that second-half should see improving revenue growth, which could be the much-needed positive catalyst," RBC analysts write.

"The stock is at a depressed 9x P/E valuation, with 12% short interest, so any positive surprise could drive an inflexion point in share price performance," they added.

The Pandora stock is currently down 1% at 575 Danish kronor, and has fallen by 34% year-to-date.

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