Carnival price target raised to $26 from $25 at Mizuho

Mizuho raised the firm’s price target on Carnival to $26 from $25 and keeps an Outperform rating on the shares. Incremental margins were “better than expected,” and Carnival flowing through rev/EBITDA by rates “materially better than 2019” in Q2 and Q3 “suggests upside to the overall margin profile of the business,” the analyst tells investors. Carnival is finally in a position for incremental revenue to waterfall over a streamlined cost base and the firm believes stronger incremental margins are “the most underappreciated part of the story,” the analyst added.