Morgan Stanley upgraded Carnival (CCL) to Equal Weight from Underweight with a price target of $21, down from $25. The stock’s risk/reward skew “now looks fairer” following the recent selloff, the analyst tells investors in a research note. However, the firm says that under a recession scenario, it would prefer to avoid the cruise sector altogether. Comments from a monthly U.S. travel agents panel show the sharpest drop in cruise sentiment in three years, with negative comments outnumbering positive 2:1, Morgan Stanley adds.
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