Why Carnival Stock Fell 2.7% on the Market's Up Day
Shares of cruise line operator Carnival Corporation (NYSE: CCL)(NYSE: CUK) fell 2.6% on Monday, which may not seem like very much. However, the S&P 500 was up roughly 2.6% today, meaning Carnival underperformed by a significant margin. And it underperformed because the stock received bearish comments from Wall Street this morning.
According to The Fly, analysts Brandt Montour, Benjamin Chaiken, and Christopher Stathoulopoulos -- of Barclays, Credit Suisse, and Susquehanna, respectively -- all lowered their price targets for Carnival this morning. Montour's price target is down 29% to $10 per share. Chaiken's is down 24% to $22 per share. And Stathoulopoulos' is down 33% to $8 per share.
Interestingly enough, all three price targets are higher than where Carnival stock traded as of the market's close on Monday, suggesting 17% upside to more than 200% upside. And indeed, counter to what you'd expect from today's underperformance, two of these three analysts still believe Carnival is a stock worth buying right now.
Source Fool.com
