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Carnival Cruises Keeps Afloat
We maintain our Hold rating for Carnival Corporation (CCL - Analyst Report) (CUK - Analyst Report). Although the recent dividend suspension has afforded Carnival increased financial flexibility, the stock price has fallen substantially since the announcement.
Given our expectation for continuing margin pressures and potential demand weakness, we do not feel that material price appreciation is warranted at this time. While the recent pullback in the price of fuel should provide some relief, a great deal of uncertainty remains heading into fiscal 2009.
Our six-month target price of $21.00 is based on a multiple of 7.5x expected 2009 earnings. Our six-month target price of $21.00 is based on a multiple of 7.5x expected 2009 earnings.
Read the full analyst report on CCL
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| Market Summary | Jul 31, 2010 13:22 pm ET |
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