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published in Blogs
Apr 09, 2021
Carnival’s (CCL, $29.24) shares upgraded by Credit Suisse analyst

Carnival’s (CCL, $29.24) shares upgraded by Credit Suisse analyst

Cruise liner Carnival’s  shares  was upgraded to outperform from neutral by Credit Suisse analyst Benjamin Chaiken.  Chaiken doubled his price target to $40 a share from $18.

In a note entitled "Prepare to Come About," Chaiken said that “while an exact return to cruise date is still in flux, it’s looking increasingly likely that a mid/late summer restart is reasonable."

According to Chaiken, demand and pricing continue to build for Carnival, and there is a good chance that volumes and price would be above pre-COVID levels in 2022.

Chaiken said that with $11.5 billion of liquidity, and the refund-to-new bookings ratio likely a positive cash inflow going ahead, “the conversation is changing away from 'survival' and more towards potential earnings catalysts."

Related Tickers: CCL