Carnival price target lowered to $20 from $22 at Stifel

Stifel analyst Steven Wieczynski lowered the firm’s price target on Carnival to $20 from $22 and keeps a Buy rating on the shares. Carnival “posted a strong quarter and their forward outlook was beyond healthy,” but shares got punished because of fears around costs and fuel, says the analyst, who views the selloff as “an overreaction” given strong forward demand. The firm believes that shares will quickly correct, similar to last quarter, as investors dig in and understand how strong the demand and pricing environment is for 2024, the analyst added.