Nomura Securities Maintains a 'Buy' on Carnival Corporation (CCL); Booking Volumes Rise, Prices Fall

Nomura Securities maintains a 'Buy' on Carnival Corporation (NYSE: CCL) price target of $36.00.

Analyst, Harry Curtis, said, "Sequential booking volumes (ex. Costa) improved since CCL reported earnings in early March. For the five weeks ended 4/1/2012, pricing was down 5% year-over-year, (ex Costa), but booking volumes rose 3%. This is in line with our outlook for a fleet-wide constant-dollar yield decline of 1.8% this year. Consumer demand should continue to increase over the next 12 months, driving better pricing and occupancy in 2013. CCL trades at 13.2x 2013E EPS, a 12% discount to our target multiple of 15x. At 15x 2013E EPS, the stock should trade at $36, 15% higher than the current level."

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 $31.25 yesterday.

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