Deutsche Bank Cuts Price Target on Carnival Corp. (CCL), Still Calls for 25% Upside

Deutsche Bank is maintaining its Buy rating on shares of Carnival Corporation (NYSE: CCL), but is lowering its price target from $50 to $46 following the release of its Q2 earnings on June 21, 2011.

The firm notes that the MEAN outlook was better than expected as as ships have only been redeployed away from MENA for Q1'12. The company posted strong Q2 results, beating the consensus by $0.03 on EPS.

Carnival increased its constant currency guidance from 4.5-5 percent to 4-5 percent. Deutsche doesn't believe that will be taken negatively as investors was forecasting that it would have been larger.

The company lowered its FY11 EPS range guidance from $2.55-$2.65 to $2.40-$2.50. As a result the firm cut its FY11 estimate from $2.56 to $2.45.

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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