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Carnival Catches Wave Of Bullish Analysts After Q2 Earnings Beat: ‘Firing On All Cylinders’

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Carnival Corp. (NYSE:CCL) experienced a significant wave of investment bank analysts raising the cruise line’s year-ahead price targets on Wednesday, responding to the company’s robust earnings report and optimistic guidance for the remainder of the year.

Shares of Carnival Corp. rose 2% to $18.18 by 12:30 p.m. ET on Wednesday, eyeing the seventh straight session of gains, the longest streak since December 2023.

Goldman Sachs Raises Price Target From $22 to $23

Goldman Sachs analyst Lizzie Dove increased Carnival’s price target from $22 to $23, implying a 29% upside from Tuesday’s close.

“Bookings and pricing momentum are firing on all cylinders and accelerating into 2025.”

According to Goldman Sachs, 2024 is not a “peak cruise” year, with notable growth in new-to-cruise passengers, which saw a 10% year-over-year rise.

“The company emphasized this is not due to pent-up demand, but is a result of increased consideration in their cruise brands and improvements in yield management that translate demand into higher ticket prices,” Dove explained.

The analyst expects that concerns about consumer weakness after a slight decline in onboard spending in Q1 should now …

Full story available on Benzinga.com

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