Jefferies Sees Mixed Factors For Carnival Ahead Of Q1 2015 Results

In a report published Tuesday, Jefferies analyst Ian Rennardson reiterated an Underperform rating and $36.00 price target on

. In the report, Jefferies noted, "Recent pricing trends suggest CCL is on-track to achieve EPS in-line with its Q1 guidance of $0.07 - $0.11 (consensus $0.09) when it reports on March 27. However, marking to market on fuel and FX implies that FY15 EPS guidance of $2.30 - $2.60 (based on a 2% increase in net revenue yields) is c5% too high. Reiterate Underperform with $36/2300p PT." Carnival closed on Monday at $46.88.