Bernstein initiated coverage of Carnival (CCL) with a Market Perform rating and $26 price target The stock has run up 35% year-to-adte, and is seen as a “catch-up play” with currently higher sell-side Buy ratings than Royal (RCL), the analyst tells investors in a research note. However, Bernstein sees the stock fully valued at this level, and says further upside will need to come from more effective yield and cost management beyond just post Covid recovery.
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