Research Alert: CFRA Maintains Buy Opinion On Shares Of Carnival Corp

03:55 PM EDT, 03/21/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We trim our 12-month target by $2 to $30 based on a FY 26 (Nov.) P/E of 14x (from 16x), a discount to its 17x 10-year historical average. We raise our FY 25 EPS to $1.92 (from $1.70) and raise our FY 26 EPS to $2.18 (from $2.00). We raise our FY 25 EPS to $1.92 (from $1.70) and raise our FY 26 EPS to $2.18 (from $2.00). Our multiple is revised slightly lower to reflect decelerating net yield growth and higher risk from policy uncertainty. Our EPS estimates are revised higher to reflect stronger operational performance and lower interest expense. CCL reported FQ1 (Feb.) 25 adjusted EBITDA of $1.21B (+38.3% Y/Y), beating consensus of $1.06B, on revenue of $5.81B (+7.6% Y/Y), beating consensus of $5.74B. FQ2 (May.) adjusted EBITDA guidance of $1.32B (implying 11% Y/Y) came in-line with expectations. Guidance for net yield growth (+4.7% Y/Y) and adjusted cruise costs (+3.8% Y/Y) suggests management sees additional margin expansion as achievable in FY 25 (Nov.). Demand for cruises was strong across regions, which we think speaks to CCL's broad portfolio of cruise brands with greater international leadership than peers.

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