Bank of America Corp. cut shares of Carnival Corp. (NYSE:CCL) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, AR Network reports. The firm currently has $38.50 price target on the stock, down from their previous price target of $42.80.
“Carnival is the global leader in a duopolistic industry with low market penetration rates and attractive demographics. We expect gradual recovery of the Costa and Carnival brands which have been impacted by specific events in 2012-13. However, continued weak pricing currently is delaying momentum in EPS, margin, & ROIC until 2015 and as a result increasing uncertainty leaving us neutral on the stock.,” Bank of America Corp.’s analyst wrote.
A number of other analysts have also recently weighed in on CCL. Analysts at Goldman Sachs Group Inc. raised their price target on shares of Carnival Corp. (NYSE:CCL) from $42.00 to $44.00 in a research note to investors on Friday, September 20th. They now have a buy rating on the stock. Separately, analysts at Susquehanna upgraded shares of Carnival Corp. (NYSE:CCL) from a neutral rating to a positive rating in a research note to investors on Wednesday, September 4th. They now have a $45.00 price target on the stock, up previously from $35.00. Four research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $164.78.
Shares of Carnival Corp. (NYSE:CCL) opened at 32.93 on Wednesday. Carnival Corp. has a one year low of $32.06 and a one year high of $39.95. The stock’s 50-day moving average is $36.46 and its 200-day moving average is $35.04. The company has a market cap of $25.521 billion and a price-to-earnings ratio of 17.05. Carnival Corp. also was the recipient of unusually large options trading on Tuesday. Stock investors acquired 10,086 put options on the company. This represents an increase of 660% compared to the typical volume of 1,327 put options.
Carnival Corp. (NYSE:CCL) last issued its quarterly earnings data on Tuesday, September 24th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.08. The company had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter in the prior year, the company posted $1.53 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. On average, analysts predict that Carnival Corp. will post $1.55 earnings per share for the current fiscal year.
Carnival Corporation is a cruise company. The Company operates in two segments: North America and Europe, Australia & Asia (NYSE:CCL).
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