Argus Upgrades Carnival Corporation (CCL) to Buy

Argus upgraded Carnival Corporation (NYSE: CCL) from Hold to Buy with a price target of $64.00.

Analyst John Staszak comments "Carnival Corp. is the dominant cruise company in an industry characterized by few direct competitors, high barriers to entry, and favorable demographics. Given the company’s strong free cash flow, we expect management to continue to raise the dividend and accelerate stock buybacks. We had maintained a HOLD rating on CCL in the wake of several cruise mishaps that occurred in 2012-2014. However, we now expect margins and earnings to benefit from a continued recovery in cruise demand, and believe that a BUY rating is appropriate."

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 $56.03 Friday.

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