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Carnival stock rallies after price target doubled at UBS

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Shares of Carnival Corp.

sailed 2.1% higher in afternoon trading Monday, after UBS analyst Robin Farley doubled his price target on the cruise operator, suggesting a further 51% upside is possible. Farley reiterated the buy rating he’s had on Carnival while raising his stock price target to $16 from $8. Farley also raised his stock price targets for rivals Royal Caribbean Group

to $76 from $56 and Norwegian Cruise Line Holdings Ltd.

to $24 from $15. “We are raising estimates due to stronger demand since the lifting of COVID restrictions in the last 8 weeks, which has led to significantly higher booking volumes,” Farley wrote in a note to clients. Meanwhile, Carnival’s stock has significantly underperformed its peers over the past three months, falling 1.5% while Royal’s stock soared 36.2% and Norwegian shares rallied 26.6%. In comparison, the S&P 500

fell 6.6% over the same time.

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