Pandora A/S’s most bearish analyst no longer sees any upside for shares of the Danish charm-bracelet maker due to pricier raw materials.

RBC Capital Markets’s Piral Dadhania cut hit his price target on Pandora to 920 Danish krone ($133) from 1,050 krone, the lowest among analysts tracked by Bloomberg. Dadhania’s new forecast implies a nearly 8% drop in the company’s shares from Wednesday’s close over the next 12 months, while the consensus target is for a 20% rally.

“We review our full-year 2025 forecasts to take account of commodity price increases,” Dadhania, who has an underperform rating on the jewelery company, wrote in a note. The stock fell as much as 2.9% in Copenhagen on Thursday.

Pandora was on a tear in the first quarter of the year as shares scaled a record high. Its lab-grown diamonds have proved a hit with shoppers looking for accessible luxury, with growing demand prompting the company to hike its revenue guidance recently.

The gains have since fizzled, with the stock down 17% since the peak in March. Among the analysts covering Pandora, two rate it a sell or equivalent, with the majority at buy or hold.

While Pandora is focusing on changing customer perception of the brand, RBC’s Dadhania notes that the launch of its new collection is likely to see operating expenses rise given the higher spend on marketing.