Carnival price target raised to $34 from $32 at Stifel

Stifel raised the firm’s price target on Carnival (CCL) to $34 from $32 and keeps a Buy rating on the shares. While Carnival’s initial 2025 guidance is conservative, it was essentially in-line with consensus, suggesting that 2025 cruise demand and pricing is so strong right now that even Carnival “can’t mask how well next year should play out,” the analyst tells investors in a research note. The firm believes 2025 EPS could end up with a $2-handle and thinks investors are underestimating the significant free cash flow generation that will commence in 2025.