Carnival Corporation (CCL) PT Raised to $35 at Stifel; 'CDC Has No Grounds to Stand on Anymore; 'Booking Picture Remains Incredibility Healthy'
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Stifel analyst Steven Wieczynski raised the price target on Carnival Corporation (NYSE: CCL) to $35.00 (from $30.00) while maintaining a Buy rating.
The analyst commented, "Slowly but surely it seems like the resumption of cruising, especially in North America, is becoming more of a reality. At this point, if cruise operations can commence in North America, even in some limited capacity/scale by the start of 3Q21, we believe the risk of additional dilutive equity/debt raises becomes less likely. This is turn should bring longer-term investors out of hibernation and allow them to start valuing CCL with more certainty. We continue to believe that the cruise vacation option will prove resilient over the long-term and have faith that loyal cruise customers will come back in full force (look at forward booking/pricing metrics). We expect CCL to emerge from this crisis as a leaner, more efficient company, which, combined with our continued confidence in the resilience of global cruise industry demand, strengthens our conviction in owing shares. Our revised $35 target price still shows ~21% upside."
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