Carnival price target raised to $20 from $18 at Stifel

Stifel analyst Steven Wieczynski raised the firm’s price target on Carnival to $20 from $18 and keeps a Buy rating on the shares. The firm said “one of the most conservative management teams around” just guided to about $7B in EBITDA by 2026, which would imply about 20% EBITDA growth per year for the next three years. Carnival also “essentially guided to” about $2 per share in earnings by 2026, without assuming any help from refinancing, just traditional debt pay downs, adds the analyst, who would “fully understand a sell the news type of day,” but said yesterday’s “steep negative reaction really is perplexing.”