Carnival price target raised to $18 at Stifel, would buy ahead of Q4 report

Stifel analyst Steven Wieczynski raised the firm’s price target on Carnival to $18 from $17 and keeps a Buy rating on the shares, telling investors that "cautiously optimistic" has to be "the single best phrase we can use to describe how we feel" ahead of Carnival having its "first crack at FY23 guidance." While he cautions that he is not sure the company is going to provide EBITDA and EPS guidance along with its Q4 report given the continued uncertain environment they are operating in, Wieczynski said he believes buyside expectations for EBITDA in 2023 are somewhere in the $4.0B-$4.3B range and adds that he would be "buyers heading into their print as we believe their initial guide and current operating commentary will meet/beat expectations."