UPDATE: Goldman Sachs Upgrades Carnival Corporation to Buy, Raises PT on Catalysts Ahead

In a report published Thursday, Goldman Sachs analyst Steven Kent upgraded the rating on Carnival Corporation CCL from Neutral to Buy, and raised the price target from $31.00 to $42.00. In the report, Goldman Sachs noted, “We upgrade Carnival Corp (CCL) to Buy from Neutral with 14% upside from current levels to our new $42, 6-month price target. While core structural challenges within the sector persist, we think they are already factored into CCL shares. In our view, our discussions with portfolio managers suggest that they have become indifferent to CCL shares as the recurrence of ‘nonrecurring' events has challenged the company the past few years. We think earnings expectations are low and seem poised to rebound due to positive catalysts like new management strategy and expectations of a US/Europe recovery. This appears to be a contrarian call given the few Buy ratings.” Carnival Corporation closed on Wednesday at $36.91.
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Posted In: Analyst ColorUpgradesAnalyst RatingsGoldman SachsSteven Kent
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