UPDATE: Jefferies Reiterates On Carnival On Structural Issues

In a report published Monday, Jefferies analyst Ian Rennardson reiterated an Underperform rating on

, and raised the price target from $33.00 to $36.00. In the report, Jefferies noted, “Our in-depth pricing analysis shows CCL is having to discount in the lates market more than its peers to fill its ships, putting pressure on overall pricing. We think this has been caused by under-investment in its fleet at the same time as peers upped the ante in terms of product quality and innovation. CCL may never catch-up.” Carnival closed on Friday at $44.62.