Macquarie notes Carnival printed yet another quarter of beats to market expectations and guidance. Sustained demand, coupled with a better cost outlook, drove a 3% uplift to full year EBITDA, with management now expecting 40% year-over-year growth. The firm further notes Carnival trades at a 40% discount to S&P despite a more structurally sound climate for cruising now. Macquarie has an Outperform rating on the shares with a $26 price target
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