Carnival upgraded to Hold from Reduce at HSBC

HSBC upgraded Carnival (CCL) to Hold from Reduce with a price target of $24, up from $14. The company’s booking trends have been resilient despite macro economic concerns, with Carnival in a “strong booked position,” the analyst tells investors in a research note. The firm says the company has made “solid progress” on a profit recovery and deleveraging, with recent refinancing a step in the right direction. HSBC believes the key concerns in its previous bear case have been addressed, both as Carnival has deleveraged over time and via its initiatives to cut costs and seek higher return opportunities.