Carnival price target lowered to $17 from $18 at Truist

Truist lowered the firm’s price target on Carnival to $17 from $18 and keeps a Hold rating on the shares as part of a broader research note on Cruise Lines. Conversations this month with senior travel reservation industry executives and “big data” analysis of future cruise bookings and pricing suggest that overall the booking and pricing trends continue to look encouraging, with the greatest opportunity for potential 2024 earnings upside continuing to come from elevated pricing on near-in bookings given the limited inventory left to sell for 2024, the analyst tells investors in a research note. Privately-owned MSC, a “value-priced” brand that has been described as a “disruptor” in this segment of the cruise market, continues to target Carnival’s customers on price however and also has been advertising very heavily as it continues to break into the North American market, the firm added.