Carnival initiated with an Overweight at Wells Fargo

Wells Fargo analyst Trey Bowers initiated coverage of Carnival (CCL) with an Overweight rating and $37 price target Wells views the cruise sector as the most compelling in in its gaming, leisure and lodging coverage. It expects “rapidly” improving returns on invested capital at both the company and overall industry level. The total addressable market of cruise will continue to expand and private island attractions in the Caribbean have and will drive higher levels of demand, the analyst tells investors in a research note.