SunTrust analyst C. Patrick Scholes lowered his price target on Carnival (CCL) to $65 after its Q2 results, below-consensus Q3 guidance, and a cut in its FY19 outlook, also lowering his FY19 and FY20 EPS targets by 17c and 19c to $4.32 and $4.63 respectively. The analyst cites the company's greater exposure to the softer European markets and pressure in its Alaska cruise operations from the increase in capacity. Scholes keeps his Buy rating on Carnival, stating that at near-record-low earnings multiples, it is hard to justify a downgrade, but maintains a more positive relative view on Norwegian Cruise Line (NCLH) and Royal Caribbean (RCL) given their more favorable industry checks.

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Sees adjusted EBITDA approx. $555M. Sees occupancy approx. 105.7%.

Consensus $1.30. Record bookings during the first quarter, drove a record booked position for the next twelve months. 2024 full year Net Yield guidance on a Constant Currency basis increased 100 basis points from the prior guidance to approximately 6.4% from 5.4%. 2024 full year Adjusted EBITDA guidance increased $50 million from the prior guidance to approximately $2.25 billion from $2.20 billion. Full year Adjusted Net Income guidance increased $45 million from prior guidance to $680 million from $635 million, and Adjusted EPS guidance increased $0.09 from prior guidance to $1.32 from $1.23.