UPDATE: Goldman Sachs Cuts PT to $35 on Carnival Corporation Following FQ1 Results

Goldman Sachs maintained Carnival Corporation

with a Neutral rating and lowered the price target from $38.50 to $35.00. Goldman Sachs analyst Steven Kent commented, "We are updating our CCL estimates following 1Q13 earnings results. … Our EPS estimates are reduced as we factor in greater Net Cruise Costs exfuel due to costs associated with repairs and modifications to ships, and lower net yields. Our net yield estimates are lowered due to management commentary on economic uncertainty in Europe, pricing promotions on the Carnival brand, and less-than-expected onboard revenue growth across the company." Carnival Corporation closed at $34.95 on Friday.