UPDATE: Stifel Lowers PT on Carnival Corporation Following F3Q13 Review
In a report published Wednesday, Stifel analyst Steven Wieczynski reiterated a Buy rating on Carnival Corporation (NYSE: CCL), but lowered the price target from $44.00 to $42.00.
In the report, Stifel noted, “While we cautioned investors ahead of the quarter on the potential for several forthcoming negative catalysts, we did not expect the more meaningful of the two, more specifically a reset in investor expectations, to come with yesterday's print. Paced by what we would characterize as a slower than anticipated recovery in the Carnival brand in the wake of February's Triumph event, we sense management used yesterday's report and its related forward-looking FY14 commentary to reset investors' expectations heading into the end of the year. With that said, we would not be surprised if consensus FY14 estimates are significantly reduced exiting the quarter, as we suspect most on the Street are likely to overreact to management's incrementally negative forward-looking outlook.”
Carnival Corporation closed on Tuesday at $34.54.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.