Rodman & Renshaw Reiterates Market Outperform on Carnival Corporation, Reduces PT to $47

Rodman & Renshaw reiterated its Market Outperform rating on Carnival Corporation CCL. At the same time, the rating agency reduced its price target on the company's stock from $47 to $45 in spite of the company's better than expected quarterly earnings report. In a research report published today, Rodman & Renshaw states, "CCL reported 2Q11 EPS of $0.26, which was above us and the Street... 3Q guidance was below consensus but unsurprising given CCL's recent pre-announcement. Mediterranean trends are stabilizing, bookings remain strong elsewhere, and fuel costs seem likely to ease... Our target price goes to $45 from $47 on our amended 2012 outlook, but we reiterate our Market Outperform rating." On Tuesday, Carnival closed the day at $37.24.