Citi raised the firm’s price target on Carnival to $28 from $25 and keeps a Buy rating on the shares. The firm’s analysis and data suggest this growth the recent share rally in the cruise space “has real legs” into 2025 and beyond. If recent trends and the expected contribution of land-based assets like Celebration Key are any indication, Carnival “should be able to generate substantial yield growth,” the analyst tells investors in a research note. Citi says what Carnival sacrifices in sales growth should be made up for in the form of debt and interest reduction.
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