Carnival Corp (NYSE:CCL) shares are trading lower Wednesday following bearish analyst coverage from Morgan Stanley.
Morgan Stanley analyst Jamie Rollo maintained Carnival with an Underweight rating and slashed the price target to a Street-low $7 per share from $13 after trimming estimates for the year, citing weaker occupancies and pricing, as well as elevated costs. The analyst placed a bear case price target of $0 on the stock.
Barclays analyst Brandt Montour initiated coverage on Carnival with an Overweight rating and announced a $14 price target.
Carnival is the largest global cruise company with 91 ships in its fleet at the end of fiscal 2021.
CCL Price Action: Carnival has traded between $27.53 and $8.70 over a 52-week period.
The stock was down 9.39% at $9.36 at press time, according to data from Benzinga Pro.
Photo: courtesy of Carnival.
