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.
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Read More on CCL:
- Mixed options sentiment in Carnival (CCL), with shares down $-0.09 (-0.37%) near $22.91
- Carnival price target lowered to $26 from $31 at Macquarie
- Carnival partners with Cantaloupe over self-service experiences
- Northcoast starts Carnival at Neutral, prefers other ‘Big 3’ cruise peers
- Carnival initiated with a Neutral at Northcoast
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