Citadel Raises PT on Carnival, Royal Caribbean Cruises
Citadel is out with its report today on Carnival (NYSE: CCL), and Royal Caribbean Cruises (NYSE: RCL), raising its PT's to $49 and $57 respectively.
In a note to clients, Citadel writes, "We continue to value both CCL and RCL on a P/E basis, at multiples of 15.5x and 14.5x 2012E EPS, respectively. Our new PTs have risen commensurately with our EPS revisions: Our new 2012E PT for CCL is $49 (from $45), while for RCL our PT rises to $57 (from $56). We believe there remains substantial upside to shares in both companies at current levels, and we thus reiterate our Add ratings at this time."
At the time of posting, shares of CCL were trading pre-market at $38.45, up 0.97% from Thursday's close.
At the time of posting, shares of RCL were trading pre-market at $38.09, up 1.11% from Thursday's close.
