Carnival (NYSE:CCL) Given New $24.00 Price Target at Morgan Stanley

Carnival (NYSE:CCL) had its target price hoisted by Morgan Stanley from $21.00 to $24.00 in a research note released on Thursday,Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other research firms have also recently commented on CCL. Bank of America boosted their price target on Carnival from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Wednesday. Hsbc Global Res upgraded Carnival from a “moderate sell” rating to a “hold” rating in a report on Friday, May 16th. William Blair reaffirmed an “outperform” rating on shares of Carnival in a research report on Monday, March 10th. Barclays increased their target price on Carnival from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, BNP Paribas assumed coverage on shares of Carnival in a research note on Thursday, March 27th. They issued an “outperform” rating and a $26.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Carnival has an average rating of “Moderate Buy” and an average target price of $28.33.

Carnival Trading Up 2.9%

CCL opened at $26.23 on Thursday. The firm’s 50 day moving average is $22.05 and its 200-day moving average is $22.83. Carnival has a 52-week low of $13.78 and a 52-week high of $28.72. The company has a quick ratio of 0.21, a current ratio of 0.34 and a debt-to-equity ratio of 2.58. The firm has a market capitalization of $30.60 billion, a P/E ratio of 14.18, a P/E/G ratio of 0.57 and a beta of 2.58.

Carnival (NYSE:CCL) last released its quarterly earnings results on Tuesday, June 24th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.11. Carnival had a net margin of 9.72% and a return on equity of 27.88%. The firm had revenue of $6.33 billion for the quarter, compared to the consensus estimate of $6.20 billion. During the same quarter in the previous year, the firm posted $0.11 EPS. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. Analysts expect that Carnival will post 1.77 EPS for the current fiscal year.

Institutional Investors Weigh In On Carnival

A number of institutional investors have recently modified their holdings of CCL. Norges Bank bought a new position in Carnival in the fourth quarter worth about $59,486,000. Charles Schwab Investment Management Inc. raised its position in shares of Carnival by 3.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,249,810 shares of the company’s stock worth $155,745,000 after purchasing an additional 223,195 shares during the period. Beck Bode LLC bought a new stake in shares of Carnival in the 4th quarter worth approximately $5,715,000. Bank of New York Mellon Corp lifted its holdings in shares of Carnival by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 5,841,543 shares of the company’s stock worth $145,571,000 after purchasing an additional 19,768 shares during the last quarter. Finally, Itau Unibanco Holding S.A. acquired a new position in Carnival during the 4th quarter valued at approximately $5,113,000. Institutional investors own 67.19% of the company’s stock.

Carnival Company Profile

Carnival Corp. engages in the operation of cruise ships. It operates through the following business segments: North America and Australia (NAA) Cruise, Europe and Asia (EA) Cruise Operations, Cruise Support, and Tour and Others. The North America and Australia (NAA) Cruise segment includes the Carnival Cruise Line, Holland America Line, Princess Cruises, and Seabourn.