Credit Suisse Group Downgrades Carnival Corporation (CCL) to Neutral

Carnival Corporation (NYSE:CCL) was downgraded by research analysts at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a research note issued to investors on Friday. They currently have a $70.00 price target on the stock, down from their prior price target of $78.00. Credit Suisse Group’s target price indicates a potential upside of 6.16% from the company’s previous close.

Several other research analysts have also issued reports on CCL. Zacks Investment Research lowered shares of Carnival Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 8th. Stifel Nicolaus restated a “buy” rating and issued a $68.00 price target on shares of Carnival Corporation in a research report on Friday, June 16th. UBS AG restated a “buy” rating and issued a $76.00 price target (up previously from $67.00) on shares of Carnival Corporation in a research report on Thursday, August 17th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and issued a $57.00 price target (up previously from $55.00) on shares of Carnival Corporation in a research report on Tuesday, June 20th. Finally, BidaskClub lowered shares of Carnival Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Eight analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $63.07.

Shares of Carnival Corporation (NYSE:CCL) opened at 65.94 on Friday. The firm has a market cap of $47.74 billion, a PE ratio of 17.44 and a beta of 0.74. Carnival Corporation has a 12-month low of $45.46 and a 12-month high of $69.89. The company has a 50 day moving average price of $67.77 and a 200-day moving average price of $63.36.

Carnival Corporation (NYSE:CCL) last posted its quarterly earnings results on Thursday, June 22nd. The company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.05. The firm had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.89 billion. Carnival Corporation had a net margin of 16.48% and a return on equity of 11.26%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.49 earnings per share. Analysts expect that Carnival Corporation will post $3.74 EPS for the current year.

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In related news, insider Alan Buckelew sold 15,000 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $67.02, for a total value of $1,005,300.00. Following the sale, the insider now owns 150,860 shares of the company’s stock, valued at $10,110,637.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 23.80% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Almanack Investment Partners LLC. acquired a new position in Carnival Corporation in the second quarter valued at about $117,000. Point72 Asia Hong Kong Ltd acquired a new position in Carnival Corporation in the first quarter valued at about $138,000. Harbour Capital Advisors LLC acquired a new position in Carnival Corporation in the first quarter valued at about $147,000. Parallel Advisors LLC boosted its position in Carnival Corporation by 87.9% in the first quarter. Parallel Advisors LLC now owns 2,674 shares of the company’s stock valued at $167,000 after buying an additional 1,251 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in Carnival Corporation by 109.4% in the second quarter. Bessemer Group Inc. now owns 2,618 shares of the company’s stock valued at $171,000 after buying an additional 1,368 shares in the last quarter. Hedge funds and other institutional investors own 77.34% of the company’s stock.

About Carnival Corporation

Carnival Corporation is a leisure travel company. The Company is a cruise company of global cruise guests, and a provider of vacations to all cruise destinations throughout the world. The Company operates in four segments: North America, EAA, Cruise Support and, Tour and Other. The Company’s North America segment includes Carnival Cruise Line, Holland America Line, Princess Cruises (Princess) and Seabourn.

Analyst Recommendations for Carnival Corporation (NYSE:CCL)

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