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Fly News Breaks for October 2, 2019
CCL
Oct 2, 2019 | 08:48 EDT
Buckingham analyst Daniel McKenzie maintained a Neutral rating on Carnival and lowered his price target to $45 from $52, telling investors that shares are down 33.5% vs. a 52-week high. McKenzie says overall travel volumes are "fine," pricing is not, and says the incremental yield weakness in both the EA and NAA segments mean end of the cycle worries are going to weigh on valuation for longer. The analyst adds that Carnival's "unwillingness" to buy back common stock in Q3 is a signal that end of the cycle worries are not entirely misplaced.
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