UPDATE: Morgan Stanley Raises PT to $37 on Carnival on Yield Momentum
Morgan Stanley reiterated its Neutral rating on Carnival (NYSE: CCL) and raised its price target from $34 to $37.
Morgan Stanley commented, "F13 EPS cut 7% due to cost pressures, but PT rises to reflect good yield momentum, our expectation of a $1bn annual buyback, and a return to normalized profits by F14. We remain EW as the risk-reward looks evenly skewed. … CCL is a macro play, but better GDP growth has historically led to higher fuel costs."
Carnival closed at $36.43 on Friday.
Latest Ratings for CCL
|Aug 2014||Bank of America||Upgrades||Neutral||Buy|
|May 2014||Morgan Stanley||Upgrades||Underweight||Equalweight|
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