Deutsche Bank Upgrades Carnival Corporation (CCL) to Hold
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Deutsche Bank upgrades Carnival Corporation (NYSE: CCL) from Sell to Hold, citing valuation. The firm also said suspending the dividend shows management is willing to make bold moves.
Commenting on the Carnival upgrade, firm said, "Carnival announces suspension of 2009 dividend Carnival's announcement of the suspension of its 2009 dividend highlights how difficult the financing environment is for consumer related groups even with strong balance sheets. We believe that this proves that management are willing to make bold decisions for the longer term good of the business. We believe that 2010 is likely to be a tougher year for Carnival than 2009, but given the relatively low value of the shares based on our new 2010 forecasts (albeit with risk to these forecasts) we are upgrading our recommendation from Sell to Hold."
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