Wedbush Trims Carnival (NYSE:CCL) Target Price to $20.00

Carnival (NYSE:CCL) had its price target lowered by equities research analysts at Wedbush from $29.00 to $20.00 in a research note issued on Monday, The Fly reports. Wedbush’s price objective would indicate a potential upside of 28.16% from the company’s current price.

CCL has been the subject of several other reports. Redburn Partners lowered Carnival from a “buy” rating to a “neutral” rating in a research note on Monday, June 22nd. Deutsche Bank boosted their price target on Carnival from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, June 23rd. Stifel Nicolaus reaffirmed a “buy” rating and set a $30.00 price objective on shares of Carnival in a report on Thursday, June 18th. JPMorgan Chase & Co. lowered their target price on Carnival from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Monday. Finally, Morgan Stanley initiated coverage on Carnival in a report on Wednesday, June 3rd. They set an “underweight” rating and a $11.00 target price for the company. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Carnival currently has a consensus rating of “Hold” and a consensus price target of $21.40.

Shares of NYSE:CCL traded down $0.55 during midday trading on Monday, reaching $15.61. 21,080,371 shares of the company’s stock traded hands, compared to its average volume of 40,148,688. Carnival has a 1 year low of $7.80 and a 1 year high of $51.94. The company has a market cap of $8.53 billion, a P/E ratio of -3.90 and a beta of 1.96. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.23 and a current ratio of 0.27. The company has a fifty day simple moving average of $17.36 and a two-hundred day simple moving average of $26.62.

Carnival (NYSE:CCL) last announced its quarterly earnings data on Friday, July 10th. The company reported ($3.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.79) by ($1.51). The company had revenue of $740.00 million during the quarter, compared to analysts’ expectations of $401.40 million. Carnival had a negative net margin of 17.57% and a positive return on equity of 0.06%. The business’s quarterly revenue was down 84.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.66 EPS. As a group, research analysts forecast that Carnival will post -6.17 EPS for the current fiscal year.

Several large investors have recently modified their holdings of the company. Wealth Quarterback LLC bought a new position in shares of Carnival in the 4th quarter worth $14,365,830,000. Public Investment Fund purchased a new stake in Carnival in the first quarter worth about $456,856,000. State Street Corp lifted its stake in Carnival by 5.2% in the first quarter. State Street Corp now owns 18,875,172 shares of the company’s stock worth $248,586,000 after acquiring an additional 927,732 shares during the period. Bank of New York Mellon Corp lifted its stake in Carnival by 24.6% in the first quarter. Bank of New York Mellon Corp now owns 6,235,731 shares of the company’s stock worth $82,124,000 after acquiring an additional 1,232,804 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Carnival by 0.9% in the first quarter. Geode Capital Management LLC now owns 5,530,189 shares of the company’s stock worth $72,668,000 after acquiring an additional 51,810 shares during the period. 63.57% of the stock is currently owned by hedge funds and other institutional investors.

Carnival Company Profile

Carnival Corporation operates as a leisure travel company in North America, Australia, Europe, and Asia. It operates in four segments: North America and Australia Cruise Operations, Europe and Asia Cruise Operations, Cruise Support, and Tour and Other. The company operates cruises under the Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa, AIDA, P&O Cruises (UK), and Cunard brand names.

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