Carnival CCL was upgraded to buy from hold at Jefferies, which lifted its price target to $25 from $9. The CEO change to Josh Weinstein should make a material positive difference in the execution of the business, a capital pivot to equity expansion is “relatively clearly plotted,” the operating model is being improved and a valuation shift to at least 10x earnings “leaves considerable upside on 2024 estimates,” the firm said. “Despite the strong YTD performance, we believe the journey from a good trade to long-term investment case remains ahead,” said the note. Carnival shares have surged 113% this year.
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