Shares of Carnival Corp.
CCL,
2.1% higher in afternoon trading on Monday, after UBS analyst Robin Farley doubled his price target on the travel operator, suggesting another 51% upside. Farley reiterated the buy rating he had during Carnival while raising his stock price target to $16 from $8. Farley also raised its share price target for rivals Royal Caribbean Group
RCL,
to $76 from $56 and Norwegian Cruise Line Holdings Ltd.
NCLH,
from $15 to $24. “We are raising our estimate due to stronger demand since the lifting of COVID restrictions over the past 8 weeks, which has resulted in significantly higher bookings,” Farley wrote in A note to the customer. Meanwhile, shares of Carnival have significantly underperformed its peers over the past three months, down 1.5% while shares of Royal are up 36.2% and shares of Norway are up 26, 6%. Meanwhile, the S&P 500
SPX,
down 6.6% over the same period.
