Carnival price target lowered to $35 from $40 at Stifel

Stifel analyst Steven Wieczynski lowered the firm’s price target on Carnival (CCL) to $35 from $40 and keeps a Buy rating on the shares. Investor sentiment across the cruise industry has “gone from solid to unstable/concerning in the blink of an eye,” says the analyst, who believes the bar for Carnival’s upcoming earnings release and guidance “has been massively lowered.” The firm, which adjusted its estimates lower mostly to account for the recent spike in global fuel prices, believes cruise fundamentals remain “solid,” but adds that “investors will not pay attention or care” until the overall geopolitical backdrop, including fuel prices, is more stable.