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Why Carnival Shares Are Sinking Today

Published 29/06/2022, 14:25
© Reuters.  Why Carnival Shares Are Sinking Today

Carnival Corp (NYSE: LON:CCL) shares are trading lower Wednesday following bearish analyst coverage from Morgan Stanley (NYSE:MS).

Morgan Stanley analyst Jamie Rollo maintained Carnival (NYSE:CCL) with an Underweight rating and slashed the price target to a Street-low $7 per share from $13 after trimming estimates for the year, citing weaker occupancies and pricing, as well as elevated costs. The analyst placed a bear case price target of $0 on the stock.

Barclays (LON:BARC) analyst Brandt Montour initiated coverage on Carnival with an Overweight rating and announced a $14 price target.

Carnival is the largest global cruise company with 91 ships in its fleet at the end of fiscal 2021.

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CCL Price Action: Carnival has traded between $27.53 and $8.70 over a 52-week period.

The stock was down 9.39% at $9.36 at press time, according to data from Benzinga Pro.

Photo: courtesy of Carnival.

Latest Ratings for CCL

Jan 2022JefferiesInitiates Coverage OnHold
Dec 2021Goldman Sachs (NYSE:GS)MaintainsNeutral
Dec 2021 Credit Suisse (SIX:CSGN)MaintainsOutperform

View the Latest Analyst Ratings

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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