Wedbush Remains Sidelined on Carnival Corp. (CCL) Following Solid 3Q
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Wedbush reiterated a Neutral rating and $54.00 price target on Carnival Corporation (NYSE: CCL) following the company's 3Q earnings report. CCL reported non-GAAP EPS of $1.92, $0.03 better than the consensus estimate of $1.89. Management is increasing the guided range from $3.25-$3.35 to $3.33-$3.37. This compares to the consensus estimate of $3.35.
Analyst James Hardiman commented, "When we factor in a myriad of headwinds, it is a testament to either conservative guidance, impressive execution, or the underlying strength in demand that guidance has only increased over the course of the year. To some degree, we believe that all three have been at play and are impressed with how the year has played out thus far for CCL. As we look to 2017, while there are some company-specific reasons why our estimates are coming down, we are generally encouraged by the optimism with respect to the fundamental outlook."
Shares of Carnival Corporation closed at $46.47 yesterday.
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