Carnival Corporation (NYSE:CCL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $77.00 target price on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 12.33% from the stock’s current price.

According to Zacks, “Carnival shares have outpaced the industry in the past year. Given burgeoning demand for cruise travel in 2017, the addition of new ships to its fleet bodes well. Carnival believes that it is well positioned for continued earnings growth, given the current strength in its bookings along with pricing trends for the year. Notably, its brand building efforts together with other marketing activities are driving bookings. Its strategy of growing beyond familiar itineraries and capitalizing on fast growing markets also bodes well. New onboard product offerings and strategic initiatives are expected to drive onboard yield gains. Cost containment efforts like lower fuel consumption could also aid profits. However, adverse forex translations, higher costs along with macroeconomic issues in key operating regions remain headwinds. A potential increase in fuel costs can also hamper its profitability.”

Several other equities research analysts also recently issued reports on CCL. Stifel Nicolaus reaffirmed a “buy” rating and issued a $68.00 price target on shares of Carnival Corporation in a research report on Friday, June 16th. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating on shares of Carnival Corporation in a research report on Tuesday, August 15th. UBS AG reaffirmed a “buy” rating and issued a $76.00 price target (up from $67.00) on shares of Carnival Corporation in a research report on Thursday, August 17th. BidaskClub downgraded Carnival Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Finally, Instinet raised their price target on Carnival Corporation from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, June 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $62.59.

Carnival Corporation (CCL) traded down 0.70% during midday trading on Tuesday, reaching $68.07. The company’s stock had a trading volume of 1,385,979 shares. The company has a 50 day moving average of $67.26 and a 200-day moving average of $62.19. The company has a market capitalization of $49.28 billion, a P/E ratio of 18.00 and a beta of 0.75. Carnival Corporation has a 1-year low of $44.11 and a 1-year high of $69.24.

Carnival Corporation (NYSE:CCL) last posted its earnings results on Thursday, June 22nd. The company reported $0.52 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 the consensus estimate of $3.89 billion. Carnival Corporation had a net margin of 16.48% and a return on equity of 11.26%. The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.49 earnings per share. Equities research analysts anticipate that Carnival Corporation will post $3.74 earnings per share for the current fiscal year.

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In other Carnival Corporation news, insider Alan Buckelew sold 15,000 shares of the firm’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $67.52, for a total transaction of $1,012,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 23.80% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CCL. Eqis Capital Management Inc. acquired a new position in shares of Carnival Corporation during the first quarter worth approximately $353,000. OLD National Bancorp IN boosted its position in shares of Carnival Corporation by 7.3% in the first quarter. OLD National Bancorp IN now owns 9,004 shares of the company’s stock worth $530,000 after buying an additional 609 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Carnival Corporation by 127.9% in the first quarter. Sequoia Financial Advisors LLC now owns 60,231 shares of the company’s stock worth $3,548,000 after buying an additional 33,802 shares in the last quarter. Kornitzer Capital Management Inc. KS boosted its position in shares of Carnival Corporation by 20.6% in the first quarter. Kornitzer Capital Management Inc. KS now owns 29,825 shares of the company’s stock worth $1,757,000 after buying an additional 5,100 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Carnival Corporation by 1.9% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 56,793 shares of the company’s stock worth $3,346,000 after buying an additional 1,064 shares in the last quarter. Hedge funds and other institutional investors own 77.32% of the company’s stock.

Carnival Corporation Company Profile

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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