HSBC upgraded Carnival (CCL) to Buy from Hold with a price target of $30.10, down from $33.60. The company’s Q4 report shows “continued resilient” demand, improving operating discipline, and the positive impact of deleveraging, the analyst tells investors in a research note. HSBC cut Carnival’s estimates on higher fuel costs but says the stock’s risk/reward skews to the upside as the company’s fundamentals are intact.
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