Citi Downgrades This Global Cruise Company, Cuts Price Target By 27.9%

Shivani Kumaresan

Mon, Oct 25, 2021, 7:12 AM1 min read

In this article:

Citi analyst James Ainley downgraded Carnival Corp (NYSE: CCL) to Neutral from Buy with a price target of $24.50, down from $34, suggesting a 10% upside.
While he continues to believe in a recovery for the cruise industry, Ainley's comparative analysis of the pricing environment, ship pipeline, earnings quality, returns, and valuation suggests that Norwegian Cruise Line Holdings Ltd (NYSE: NCLH) will deliver more attractive returns to shareholders relative to Carnival.
The analyst added that Carnival has delivered slower revenue and earnings growth over the last 10 years and its decision to exit older, less efficient vessels and smaller pipelines will limit its revenue recovery versus Norwegian.
Price Action: CCL shares are trading lower by 0.94% at $22.08 in premarket on the last check Monday.

Latest Ratings for CCL

Oct 2021	Citigroup	Downgrades	Buy	Neutral
Oct 2021	Berenberg	Upgrades	Sell	Hold
Oct 2021	Credit Suisse	Maintains		Outperform

View More Analyst Ratings for CCL
View the Latest Analyst Ratings

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Citi Downgrades This Global Cruise Company, Cuts Price Target By 27.9%

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