Wachovia Upgrades Carnival (CCL) to Outperform; Improving Pricing Outlook
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Wachovia upgrades Carnival (NYSE: CCL) to Outperform. Valuation range: $28 to $30.
Wachovia analyst says, "Mgt comments of initial improvements in global pricing (ex Mexican cruise flu discounting) following stabilization in March, are supported by our surveys (5.27.09 and 6.17.09) indicating on-going stabilization in 60 day+ pricing and anecdotal evidence that European sourced pricing continues to be resilient. Risk/reward is attractive as 1) Valuations should expand toward the lower end of historical P/E, EV/EBITDA, and EV/Berth ranges as further evidence of industry pricing stabilization/improvement emerges, 2) 2H09 will provide easy comps for 2H10, and 3) Since mid-April, "best in class" CCL has lagged (down 3.1%) the S&P 500 (+8.0%) and more highly levered competitor Royal Caribbean (NYSE: RCL) (+24.0%)...Raising '10 EPS ests to $2.19 from /$1.93."
To see more analyst ratings on CCL Click Here.
Carnival Corporation is a cruise and vacation company. The Company has a portfolio of cruise brands and is a provider of cruises to all vacation destinations.
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