UBS raised the firm’s price target on Carnival (CCL) to $31 from $24 and keeps a Buy rating on the shares. Ahead of the company’s results, the firm increased 2025 yield estimates as well as net cruise cost estimates, and lowered interest expense assuming Carnival refinances. UBS still sees potential upside from better than average bookings and Celebration Key opening in the second half of 2025 as well as additional opportunities for reducing interest cost.
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