Carnival price target raised to $22 from $17 at Macquarie
Macquarie has raised its Carnival Corp. (CCL) price target to $22 from $17, citing the cruise operator's strong fourth-quarter results last month. The company's results "were strong across major metrics and booking strength with higher-than-expected pricing, but costs were sticky," wrote Macquarie analyst Paul Golding, in the note. The target price raise reflects normalized FY25 operations and stable pricing, with fewer total cost headwinds and easing fuel prices, according to Golding. Carnival's stock has risen 130% in the last 12 months, outpacing the S&P 500 index's gain of 24.2%.
-James Rogers
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01-02-24 0728ET
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