In a report published Wednesday, Bank of America analyst Nicholas Thomas downgraded the rating on Carnival Corporation CCL from Buy to Neutral, and lowered the price target from $42.80 to $38.50.
In the report, Bank of America noted, “Carnival is the global leader in a duopolistic industry with low market penetration rates and attractive demographics. We expect gradual recovery of the Costa and Carnival brands which have been impacted by specific events in 2012-13. However, continued weak pricing currently is delaying momentum in EPS, margin, & ROIC until 2015 and as a result increasing uncertainty leaving us neutral on the stock.”
Carnival Corporation closed on Tuesday at $34.54.
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