Update: Deutsche Bank Lowering Price Target On Carnival Corporation

Deutsche Bank is lowering its price target on shares of Carnival Corporation CCL to $46 from $50, but it still has a Buy rating on shares. In a note to clients, Deutsche Bank writes, "Overall EPS guidance for the year was revised down by just under 6% from $2.55-$2.65 to $2.40 to $2.50. Despite bunker fuel having fallen to $644/tonne today (around -4.5% vs. the price paid in Q2), we are retaining our full year fuel forecasts. As we were at the bottom of the previous range, we have downgraded FY'11E EPS by around -4% from $2.56 to $2.45. The net impact of the lower base for FY'11E and given the comments regarding the MENA issue spilling into Q1'12, means that we have downgraded FY'12E by just over -7% from £3.05 to $2.82. We have trimmed our target price based on the earning hit to next year, so the UK listing drops from 3,150p to 2,900p and the US listing from $50 to $46. With the long term story intact and 25% upside to our revised target price, we retain our buy stance." Shares of CCL are down 84 cents to $36.40.