UPDATE: Carnival Corporation (CCL) PT Lowered to $7 at Morgan Stanley, New Bear Case $0

June 29, 2022 6:22 AM EDT
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Price: $9.75 +4.61%

Rating Summary:
    11 Buy, 16 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 5 | Down: 14 | New: 17
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(Updated - June 29, 2022 7:22 AM EDT)

Morgan Stanley analyst Jamie Rollo lowered the price target on Carnival Corporation (NYSE: CCL) to $7.00 (from $13.00) while maintaining a Underweight rating.

The analyst comments "We reduce FY22e EBITDA from $0.9bn to $(0.9)bn, CCL's third year of loss, and FY23e 10% to $5.0bn, reflecting weaker pricing / occupancies and elevated costs. EPS drops more due to higher financing costs. We cut our PT nearly in half, introduce a new $0 bear case, given escalating leverage, and remain Underweight."

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