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(Sharecast News) - Peel Hunt hiked its price target on Carnival on Thursday to 2,100p from 1,850p following the cruise operator's first-quarter update a day earlier.
The broker said Carnival's statement and call were "more positive than expected" regarding forward bookings and pricing.
"Additional evidence of pent-up demand increases our confidence in a bounce-back in trading next year, with potential for an upside surprise from higher pricing," it said.
"With the UK-listed shares still at an irrational discount to the US-listed we reiterate our 'buy' recommendation and increase our multiple-based target price."
In its update on Wednesday, Carnival - which operates the AIDA, Princess and Costa cruises - posted a widening of its net loss in the first quarter due to the pandemic, but said volumes for all future cruises were around 90% higher than in the final quarter of last year, thanks in part to pent-up demand.
Cumulative advanced bookings for 2022 are ahead of a "very strong" 2019, despite minimal advertising or marketing, it added.
26 Sep 2022 17:55
IN BRIEF: Carnival welcomes Canada's lifting of Covid restrictions
Carnival PLC - Miami, Florida-based cruise line - Welcomes the decision from Transport Canada to remove all Covid-19 requirements to enter the country. Says Princess Cruises is now "prepared to welcome all guests on cruises visiting, arriving or departing from Canadian ports". Lifted restrictions also apply to its Canada/New England voyages and Alaska cruises.
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