UPDATE: Jefferies Downgrades Carnival, Says Shares Reflect 'Best-Case Scenario'

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Despite a slight raise from $31 to $33 in the price target, Jefferies analyst Ian Rennardson downgraded
CarnivalCCL
to Underperform from Hold. Rennardson believes that Carnival shares reflect a best-case scenario with the risks being on the downside. In contrast, Rennardson is more optimistic about Royal Caribbean
RCL
, citing "superior operating performance" and "an improving balance sheet". Rennardson has reiterated a Buy rating for Royal Caribbean and raised the price target to $58. At last check, shares of Carnival and Royal Caribbean are trading at $40.20 and $52.21 respectively.
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Posted In: Analyst ColorDowngradesPrice TargetReiterationAnalyst RatingsIan RennardsonJefferies
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