Carnival price target raised to $22 from $16 at Macquarie

Macquarie raised the firm’s price target on Carnival to $22 from $16 and keeps an Outperform rating on the shares after the company reported a “strong” set of fiscal Q4 results last week. The firm raised its FY24 and FY25 adjusted EPS estimates on pricing and onboard strength with fuel improvement captured, but stickiness in other costs. The firm says its new target reflects normalized FY25 operations and stable pricing, with fewer total cost headwinds and easing fuel prices.