Carnival price target lowered to $28.70 from $33 at Bernstein

Bernstein analyst Richard Clarke lowered the firm’s price target on Carnival (CCL) to $28.70 from $33 and keeps a Market Perform rating on the shares. This was always going to be a tough quarter for Carnival given the macro and lack of fuel hedging strategy. However, incremental data points were, in the firm’s view, skewed positive as EPS guidance was only cut by 11%, far less than feared, yield guidance was raised, bookings commentary was robust, and cost guidance ex fuel was lowered.