Citi reinstated coverage of Carnival with a Buy rating and $18 price target. Citi’s most recent work on the cruise industry points to ongoing strength in October and November, the analyst tells investors in a research note. While the stocks were battered during late summer and early fall on fuel prices, weather, currency rates and geopolitics, demand appears to have remained resilient, while improving fuel costs are a welcome boost to earnings estimates, says the firm. After lengthy restrictions, Citi reinstated Buy ratings on Royal Caribbean and Carnival.
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