Nomura Securities Maintains a 'Buy' on Carnival Corporation (CCL); Review of 2Q Earnings
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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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Nomura Securities maintains a 'Buy' on Carnival Corporation (NYSE: CCL).
Nomura analyst says, "Events in the Middle East and Africa have had a negative impact on 2H results; however, strong yield growth outside of those regions indicates that industry fundamentals remain positive. CCL’s 2Q EPS was $0.26, better than our $0.24 estimate and the consensus of $0.23. In constant dollars net yields were up 3% in CCL’s North American brands, while Europe, Australia and Asia brands were up only slightly owing to geopolitical events, which negatively affected revenues. We also note that 2H11 is on track (ex EMEA) with bookings for 2H11 at higher prices, but lower occupancy, year-on-year. At 12.4x our 2012 estimate, CCL trades at a 22% discount to its long-term average P/E multiple. We see the stock’s current valuation as compelling."
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 $37.24 yesterday.
Nomura analyst says, "Events in the Middle East and Africa have had a negative impact on 2H results; however, strong yield growth outside of those regions indicates that industry fundamentals remain positive. CCL’s 2Q EPS was $0.26, better than our $0.24 estimate and the consensus of $0.23. In constant dollars net yields were up 3% in CCL’s North American brands, while Europe, Australia and Asia brands were up only slightly owing to geopolitical events, which negatively affected revenues. We also note that 2H11 is on track (ex EMEA) with bookings for 2H11 at higher prices, but lower occupancy, year-on-year. At 12.4x our 2012 estimate, CCL trades at a 22% discount to its long-term average P/E multiple. We see the stock’s current valuation as compelling."
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 $37.24 yesterday.
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