Why Carnival Shares Are Sinking Today

Carnival Corp CCL shares are trading lower Wednesday following bearish analyst coverage from Morgan Stanley. 

Morgan Stanley analyst Jamie Rollo maintained Carnival with an Underweight rating and slashed the price target to a Street-low $7 per share from $13 after trimming estimates for the year, citing weaker occupancies and pricing, as well as elevated costs. The analyst placed a bear case price target of $0 on the stock. 

Barclays analyst Brandt Montour initiated coverage on Carnival with an Overweight rating and announced a $14 price target.

Carnival is the largest global cruise company with 91 ships in its fleet at the end of fiscal 2021.

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CCL Price Action: Carnival has traded between $27.53 and $8.70 over a 52-week period.

The stock was down 9.39% at $9.36 at press time, according to data from Benzinga Pro.

Photo: courtesy of Carnival.