Shares of Carnival Corporation & plc (NYSE: CCL) surges more than 6% in the pre-market trading session today. The surge comes as JP Morgan upgraded its outlook for Carnival (CCL) from Neutral to Overweight.
JP Morgan’s Outlook Upgrade
JP Morgan, as reported by Fintel, upgraded their outlook for Carnival (CCL) from Neutral to Overweight on Monday. This positive shift in their assessment contributed to the surge in Carnival’s share price.
Price Targets and Forecasts
As of June 1, 2023, analysts have set an average one-year price target of $11.72 for Carnival, with forecasts ranging from a low of $6.87 to a high of $18.90. It is important to note that the average price target indicates a decrease of 10.49% from Carnival’s latest reported closing price of $13.09.
Projected Revenue and Earnings
Carnival is projected to achieve an annual revenue of 21,588MM, representing an impressive increase of 44.12%. The projected annual non-GAAP EPS (earnings per share) is estimated to be 0.51.
Ownership and Institutional Activity
In terms of institutional positions, there are currently 1,153 funds or institutions reporting ownership in Carnival. This marks a slight decrease of 10 owners or 0.86% in the last quarter. The average portfolio weight of all funds dedicated to CCL is 0.09%, indicating a notable increase of 27.12%.
However, the total number of shares owned by institutions has decreased by 4.53% over the last three months, amounting to 587,171,000 shares. The put/call ratio of CCL is 1.46, suggesting a bearish outlook among investors.
Other Shareholders’ Activity
Public Investment Fund continues to hold 50,831,000 shares, representing 4.03% ownership of Carnival. There has been no change in their ownership over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 31,154,000 shares, accounting for 2.47% ownership of Carnival. In their previous filing, the firm reported owning 30,451,000 shares, reflecting an increase of 2.26%. Over the last quarter, they have increased their portfolio allocation in CCL by 18.96%.
VIMSX – Vanguard Mid-Cap Index Fund Investor Shares owns 23,406K shares, representing 1.86% ownership. They reported owning 23,286K shares in their prior filing, indicating a 0.51% increase. Their portfolio allocation in CCL has grown by 22.53% over the last quarter.
VFINX – Vanguard 500 Index Fund Investor Shares holds 23,382,000 shares, representing 1.86% ownership of Carnival. In their prior filing, the firm reported owning 23,150,000 shares, reflecting an increase of 0.99%. Over the last quarter, they have increased their portfolio allocation in CCL by 17.95%.
Geode Capital Management is holding a total of 20,504,000 shares. This represents 1.63% ownership of Carnival. Their previous filing showed ownership of 20,034,000 shares, indicating an increase of 2.29%. Over the last quarter, they have increased their portfolio allocation in CCL by 19.20%.