Carnival initiated with a Buy at Goldman Sachs

Goldman Sachs analyst Lizzie Dove initiated coverage of Carnival with a Buy rating and $20 price target. The improvements in cruise pricing has been driven by sustainable, structural changes in industry practices and ongoing incremental pricing tailwinds rather than pent-up consumer demand, the analyst tells investors in a research note. The firm sees the setup for Carnival into 2024 as the most favorable, with the company providing conservative guidance despite a larger occupancy recovery to come given its higher Europe exposure.