Carnival (NYSE:CCL) stock is rallying higher on Friday after the company got a new rating from Jefferies analyst David Katz.
Katz upgraded shares of CCL stock from a “hold” rating to a “buy” rating today. For the record, the analysts’ consensus rating for CCL stock is “moderate-buy.” That’s based on 16 analyst ratings for the shares.
In addition to this, the Jefferies analyst also increased his price target for the shares from $9 each to $25 each. That represents a potential 45.7% upside compared to the stock’s prior closing price. It’s also above the analysts’ consensus price prediction of $15.97 per share.
Why The Bullish Rating For CCL Stock?
Here’s what Katz said about Carnival stock in a note to clients obtained by Seeking Alpha.
“The leadership change and the supply and demand recovery, and the resulting capital pivot, drive a significant shift from debt to equity value within the EV and should position the shares as more broadly investable, which could progress over several years. Despite the strong YTD performance, we believe the journey from a good trade to long-term investment case remains ahead.”
With the positive rating for CCL stock, the shares are seeing heavy trading on Friday. This has more than 54 million shares changing hands as of this writing. For the record, the company’s daily average trading volume is about 39 million shares.
CCL stock is up 6.9% as of Friday morning and is up 129.8% year-to-date.
Investors can find more of the latest stock market news down below!
We have all of the most recent stock stories for traders to sink their teeth into on Friday! That includes what has shares of Enphase Energy (NASDAQ:ENPH), Xpeng (NYSE:XPEV), and Nikola (NASDAQ:NKLA) stock moving today. All of that is available at the following links!
More Stock Market News For Friday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
