UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Carnival Corporation
In a report published Friday, Deutsche Bank reiterated its Buy rating on Carnival Corporation (NYSE: CCL), and slightly raised its price target from $37.50 to $38.50.
Deutsche Bank noted, “Carnival is likely to report its Q3 results on Tuesday 25 September. Despite the rising oil price we believe that the group is likely to be able to just about hold its FY 2012 EPS guidance within its 180-190c range (DB today reduces from 191c to 182c for higher Q4 fuel costs). The group should have been well booked for its important Q3 season at the time of the last results and so we believe investor's focus on trading may be on any hints at 2013 trading outlook. We believe that the group should be cautiously optimistic about the medium term recovery in net yields, although investors need to be conscious that Q1 2013 is still a tough comparative given that Q1 2012 was well booked when the Costa Concordia tragedy occurred in January 2012.”
Carnival Corporation closed on Thursday at $37.82.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.