Barclays Maintains an 'Overweight' on Carnival Corp (CCL); 4Q11 Preview: Looking Forward to 2012

Barclays maintains an 'Overweight' on Carnival Corporation (NYSE: CCL) price target of $44.00.

Barclays analyst says, "Carnival should report 4Q11 EPS the week of 12/19. Earnings and net yields should be in line with our estimates. We forecast 4Q11 EPS of $0.29, compared to consensus of $0.28 and guidance of $0.26 to $0.30. Our net yield estimate of +2.0% on a reported basis and +1.5% ex-FX are both at the mid-point of guidance. We estimate that fuel was in line with guidance and our estimate of $686/MT, and we believe FX was in line with guidance as well...Our 1Q12E and 2012E EPS are $0.12 and $2.83."

"Valuation (12.1x our 2012E EPS) and low industry supply for the foreseeable future drive our positive view on Carnival shares. We acknowledge, however, that the current discount to historical valuation could persist until there is more clarity on the global macro-economy, particularly in Europe."

For an analyst ratings summary and ratings history on Carnival Corporation click here. For more ratings news on Carnival Corporation click here.

Shares of Carnival Corporation closed at $34.32 yesterday.

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