Why Carnival Stock Is Hitting 52-Week Highs Monday

Carnival Corp CCL shares are trading higher Monday after multiple analysts upgraded the stock and raised their respective price targets.

What Happened: JPMorgan analyst Matthew Boss upgraded Carnival from a Neutral rating to an Overweight rating and raised the price target from $11 to $16.

BofA Securities analyst Nicholas Thomas also upgraded Carnival from Neutral to Buy and raised the price target from $11 to $20.

The upgrades come as Carnival prepares to report second-quarter financial results. The company last reported quarterly numbers on March 13. According to estimates from Benzinga Pro, the cruise company is due to report second-quarter results toward the end of the month. 

Carnival is expected to report a loss of 35 cents per share on quarterly revenue of $4.75 billion, per Benzinga Pro estimates.

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CCL Price Action: Carnival has a 52-week low of $6.11. It's making new 52-week highs Monday morning.

Carnival shares up 6.34% at $13.92 at the time of publication.

Photo: courtesy of Carnival.