Carnival
shares were rising early on Friday after Jefferies upgraded the stock to Buy from Hold.
Josh Weinstein, the company’s chief executive, has streamlined the company and increased marketing in his first 11 months on the job. Carnival (ticker: CCL) expects to be able to pay down debt with improved cash generation over the next few years. On Monday, it said customer deposits for future voyages had reached a record high.
Shares climbed 2.6% in premarket trading to $17.60. They have more than doubled in value since Jan. 1. Jefferies gives the stock a price target of $25.
“Despite the strong year-to-date performance, we believe the journey from a good trade to long-term investment case remains ahead,” analysts led by David Katz wrote in a note.
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