Why Carnival Stock Was All Wet on Tuesday
A new critique from an analyst made for an uninspiring Tuesday on the market as far as Carnival (NYSE: CCL) (NYSE: CUK) stock was concerned. As a result, the incumbent cruise line operator's share price submerged by almost 4% during the day, a notably steeper decline than the 1.4% suffered by the S&P 500 index.
JPMorgan Chase launched coverage of three top cruise stocks, a lineup that includes Royal Caribbean and Norwegian Cruise Lines. In doing so, prognosticator Daniel Adam tagged only one with his bank's equivalent of a buy recommendation -- and that wasn't Carnival.
Carnival was pegged as a neutral at a price target of $13 per share. In pointing out that the stock has swooned by more than 52% so far this year -- a much deeper slide than those of its two peers, by the way -- this is justified, for the most part.
Source Fool.com
