Carnival gets upgrade at Jefferies, which says cruise operator is on journey to being long-term investment

Carnival CCL was upgraded to buy from hold at Jefferies, which lifted its price target to $25 from $9. The CEO change to Josh Weinstein should make a material positive difference in the execution of the business, a capital pivot to equity expansion is “relatively clearly plotted,” the operating model is being improved and a valuation shift to at least 10x earnings “leaves considerable upside on 2024 estimates,” the firm said.

... Carnival CCL was upgraded to buy from hold at Jefferies, which lifted its price target to $25 from $9. The CEO change to Josh Weinstein should make a material positive difference in the execution of the business, a capital pivot to equity expansion is “relatively clearly plotted,” the operating model is being improved and a valuation shift to at least 10x earnings “leaves considerable upside on 2024 estimates,” the firm said.

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