- Carnival Corp (NYSE: CCL) has received a price target increase from $10 to $14 by Morgan Stanley. These are the details.
Carnival Corp (NYSE: CCL) has received a price target increase from $10 to $14 by Morgan Stanley. And Morgan Stanley analyst Jamie Rollo is maintaining an “Underweight” rating on the shares.
Rollo said that the cruise industry will be one of the slowest subsectors to recover from the pandemic. And Rollo noted that a recovery will not fully begin until international travel resumes and ports open up again, plus authorities have to permit cruising again. Carnival is not expected to return to pre-COVID levels until 2024, according to Rollo.
Recently, Carnival posted an adjusted fourth-quarter net loss of $1.9 billion. However, Carnival said that demand has been surging for 2022. And the deficit exceeded the $1.57 billion loss that was projected by analysts.
Carnival noted that cumulative advanced bookings for the first half of 2022 are now ahead of the 2019 levels despite slashes on marketing spend, according to Bloomberg.
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