Carnival (CCL) Results Were 'Soft', BofA Cuts PT
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Rating Summary:
22 Buy, 9 Hold, 3 Sell
Rating Trend: Up
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BofA analyst Geoffrey d'Halluin on Carnival Corp. (NYSE: CCL): "We reiterate our Neutral rating on CCL as we expect significant earnings recovery next year supported by resumed operations / relaxed protocols while valuation is relatively moderate. Nevertheless, debt level is elevated and CCL is impacted by inflationary pressures. Q3 results were below estimates and Q4 EBITDA target was weak, and likely the main disappointment of the recent set of results as it increases concerns on future profitability development. We think that bookings commentary for 2023 were relatively healthy with bookings being slightly above the historical average (compared to 2019) and at considerably higher prices. We believe one of the main risk is CCL’s high leverage suggesting the group may need to raise additional capital if earnings recovery is delayed."
Price target goes from $14 to $8.50 per share.
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