Carnival initiated with a Buy at TD Cowen

TD Cowen initiated coverage of Carnival (CCL) with a Buy rating and $36 price target The firm views the cruise lines are “underappreciated” share gainers in the travel space. The cruise names offer a strong value proposition which will drive long-term share gains, the analyst tells investors in a research note. TD estimates annual revenue growth of 7% for the industry through 2029. It views Carnival as an industry leader with an opportunity to boost margins.