Susquehanna raised the firm’s price target on Carnival (CCL) to $40 from $35 and keeps a Positive rating on the shares. The firm updated its model heading into its earnings results as they see the company as well positioned to drive unit margin and FCF growth over FY26-27, given the persistent value gap between land-based alternatives and cruising, as well as several near-term demand catalysts and a modest capacity profile.
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