Carnival Gets Price Target Bumps By Analysts Following Upbeat Q1 Results

Carnival Corporation CCL reported better-than-expected earnings and sales results for its first quarter.

Carnival reported first-quarter FY23 sales of $4.43 billion, beating the consensus of $4.33 billion. Adjusted EPS loss for the quarter of $(0.55) beat the consensus of $(0.60).

Carnival sees FY23 adjusted EBITDA of $3.9 billion - $4.1 billion and occupancy of 100% or higher.

Carnival shares dropped 4.8% to close at $8.79 on Monday and added 1.7% in today’s pre-market trading session.

These analysts made changes to their price targets on Carnival following the release of results.

• Barclays raised the price target on Carnival from $12 to $13. Barclays analyst Brandt Montour maintained an Overweight rating.
• Credit Suisse increased the price target on Carnival from $16 to $18. Credit Suisse analyst Benjamin Chaiken maintained an Outperform rating.
• Wells Fargo analyst Daniel Politzer, meanwhile, upgraded Carnival from Underweight to Equal-Weight and announced a $9 price target.

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