UPDATE: Deutsche Bank Raises PT to $37.5 on Carnival Corporation on Earnings Upgrades
Deutsche Bank reiterates its Buy rating on Carnival Corporation (NYSE: CCL) and raises its price target from $33 to $37.50 a share.
Deutsche Bank says, "Carnival's earnings forecast have been dampened significantly by the rise in oil prices over the past few years, and exacerbated by the Costa Concordia tragedy in January. In this note we upgrade 2012E and 2013E earnings by 21% and 14% respectively, with the latter being offset by some top-line conservatism given the macro environment. Carnival has substantial earnings recovery potential and strong cash generation - given the upside to our upgraded price targets, we retain our Buy."
CCL closed at $33.03 a share yesterday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.