Moments hesitation: Ex-Pandora boss back to haunt company with 'sell' note
PANDORA fell in Copenhagen trading after its former investor relations chief started covering the shares of the world's largest jewellery marker with a 'sell' recommendation.
Magnus Thorstholm Jensen left Pandora last year and is now an analyst at SEB. In a note dated February 19, he said the Copenhagen-based firm's charms and bracelet concept 'Moments' is going out of fashion, and that other product categories won't be able to replace the declining sales.
The stock fell as much as 4.4pc in Copenhagen to 314 kroner, declining for a third trading day and marking the company's longest losing streak since December.
Pandora last year agreed a deal to take direct ownership of its Irish business from family-owned BJ FitzPatrick for €20m.