UPDATE - Barclays Downgades Carnival (CCL) to Equalweight; Sees Continued Softness From Concordia Debacle
CCL Hot Sheet
Rating Summary:8 Buy, 6 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Shares of Carnival Corporation (NYSE: CCL) are trading down about 0.4% (-$0.11) in afternoon trading. The stock was knocked down a few weeks ago, dropping from about $35 to $29 after the Concordia debacle.
This morning, Barclays downgraded the leisure stock from Overweight to Equalweight. Price target was also cut from $30 to $26.
Analyst, Felicia R. Hendrix, said, "In our view, the main incremental datapoint from CCL's FY2011 10K is the confirmation of a steep decline in booking volumes following the Concordia incident."
Hendrix sees the negative impact continuing near-term and feels current consensus estimates remain too high.
Barclays lowers FY12 EPS estimates from $1.90 to $1.67 and FY13 from $2.25 to $1.98.
Other firms on Wall Street are mixed, with UBS and Nomura maintaining 'Buy' ratings, but firms JPMorgan and Susquehanna downgraded the stock. HSBC upgraded the stock.
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This morning, Barclays downgraded the leisure stock from Overweight to Equalweight. Price target was also cut from $30 to $26.
Analyst, Felicia R. Hendrix, said, "In our view, the main incremental datapoint from CCL's FY2011 10K is the confirmation of a steep decline in booking volumes following the Concordia incident."
Hendrix sees the negative impact continuing near-term and feels current consensus estimates remain too high.
Barclays lowers FY12 EPS estimates from $1.90 to $1.67 and FY13 from $2.25 to $1.98.
Other firms on Wall Street are mixed, with UBS and Nomura maintaining 'Buy' ratings, but firms JPMorgan and Susquehanna downgraded the stock. HSBC upgraded the stock.
Discover Wall Street's best ratings calls with the pros - Upgrade to Ratings Insider Elite. Free Trial!
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