0841 GMT - Pandora is caught between a rock and a hard place, with volatile silver prices and challenges in consumer engagement, Jefferies analysts say in a note to clients. "With silver now jumping around, we are reluctant to endorse an active recommendation subject to a special situation and volatile input," the analysts say. The scale of the metal's rally and later selloff is surprising and makes it difficult to predict its future performance, they add. Given the challenges of the last few months, even with more normalized silver prices, forecasts for 2027 EBIT would be around 60% lower, the analysts say. Investor engagement will be slow in returning given silver price moves, they say. Jefferies downgrades the stock rating to hold from buy. Shares are down 2.9%. (andrea.figueras@wsj.com)

(END) Dow Jones Newswires

February 03, 2026 03:41 ET (08:41 GMT)

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