Carnival price target raised to $22 from $16 at Wells Fargo

Wells Fargo analyst Daniel Politzer raised the firm’s price target on Carnival to $22 from $16 and keeps an Equal Weight rating on the shares following the company’s Q4 earnings report, which showed Q4 EBITDA 8% better than Street consensus. The analyst noted that Q1 EBITDA guide was “light due to cost timing,” but felt that FY24 guide “threaded the needle” of being good enough while likely leaving room for upside estimate revisions over the course of next year.