UBS Upgrades Carnival Corporation (CCL) to Buy
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UBS analyst Robin Farley upgraded Carnival Corporation (NYSE: CCL) from Neutral to Buy with a price target of $42.00 (from $20.00).
The analyst comments "We are updating our cruise outlook and upgrading CCL to a Buy, keeping RCL (PT to $116) at a Buy and NCLH (PT to $32) at a Neutral. While the near-term outlook has gotten worse, with continued delays in restart, the longer-term outlook has improved as vaccines become more widespread than what we originally factored into our estimates last year. As a result, our 2021 and 2022 estimates are lower, but our 2023 estimates are higher. Furthermore, given that CCL includes some brands that source primarily from Italy, Germany and the UK, and those countries are likely to allow cruising to restart before the US, we are bumping up CCL estimates to include more relative recovery than previously. We believe that a U.S. restart is now more likely in late Q3 from Q2 previously."
Shares of Carnival Corporation closed at $29.11 yesterday.
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