Citadel Securities Starts Carnival Corporation (CCL) at Add; "A Crude Awakening"
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Price: $28.12 -1.06%
Rating Summary:
27 Buy, 12 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
27 Buy, 12 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Citadel Securities initiates coverage on Carnival Corporation (NYSE: CCL) with an Add. PT $45.
Citadel analyst says, "With unrest in the Middle East/North Africa (MENA) region, coupled with a weaker USD, crude oil prices have spiked 36% since 2/15/11, resulting in Carnival and Royal Caribbean shares declining roughly 19%, while the S&P 500 was flat. We believe these events/concerns have trumped improving fundamentals in the $26B cruise industry, which could result in CCL and RCL delivering early $10.6B in cumulative FCF for 2011-2013. As such, we see a compelling buying opportunity here for investors to build long-term positions in CCL and RCL at what we think are reasonable valuations, and initiate both at Add with PTs of $45 and $57, respectively."
For more ratings news on Carnival Corporation click here and for the rating history of Carnival Corporation click here.
Shares of Carnival Corporation closed at $37.40 yesterday.
Citadel analyst says, "With unrest in the Middle East/North Africa (MENA) region, coupled with a weaker USD, crude oil prices have spiked 36% since 2/15/11, resulting in Carnival and Royal Caribbean shares declining roughly 19%, while the S&P 500 was flat. We believe these events/concerns have trumped improving fundamentals in the $26B cruise industry, which could result in CCL and RCL delivering early $10.6B in cumulative FCF for 2011-2013. As such, we see a compelling buying opportunity here for investors to build long-term positions in CCL and RCL at what we think are reasonable valuations, and initiate both at Add with PTs of $45 and $57, respectively."
For more ratings news on Carnival Corporation click here and for the rating history of Carnival Corporation click here.
Shares of Carnival Corporation closed at $37.40 yesterday.
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