s and bundles to keep sales moving. Bernstein also questioned the choice of platinum-plated stainless steel given Pandora already sells a proprietary metal blend, and warned the coating could be thin enough to wear off, turning durability into a reputational issue. Put together, the bank reiterated an underperform rating and a 370 DKK price target.
Why should I care?
For markets: Pandora’s 75% pivot could turn metal savings into markdowns.
Switching metals only lifts margins if customers still see the product as “Pandora-quality” at the same price. Bernstein’s concern is that price parity plus a “plated = cheaper” perception cracks the brand premium, forcing retailers and Pandora to defend volumes with promotions. That can give back much of the cost relief through lower realized prices and higher markdowns, leaving profit margins more sensitive to how aggressive discounting gets. That’s why the bank thinks Pandora’s second half of FY26 and 2027 outlook could look less predictable, and why a premium valuation for the stock becomes harder to justify if promotional intensity rises.