Goldman Sachs downgraded Pandora to Sell from Neutral with a price target of DKK 1,010, down from DKK 1,020. Pandora’s brand momentum and higher growth algorithm has resulted in strong relative performance as the stock has outperformed Stoxx 600 by 75% over the past 12 months, but with a P/E of 17-times expected FY24 earnings based on the firm’s estimates, there is a risk of a decoupling of growth versus valuation, the analyst tells investors in a research note.
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