Carnival stock is enjoying a remarkable winning streak, set to be its longest since 2017, as investors seize the opportunity in the travel sector. According to Dow Jones Market Data, Carnival shares were up 0.8% on Friday, reaching $18.07 and heading for their highest closing price since August 7.
The cruise company's shares have been on an upward trajectory throughout the year, with support from optimistic Wall Street analysts. James Hardiman, an analyst at Citi, recently increased his price target for the stock from $18 to $19 and maintained his Buy rating. In his view, the positive momentum observed since the easing of Covid restrictions last fall is expected to continue through 2023 without showing signs of slowing down.
Conor Cunningham, a Melius analyst, also upgraded his rating on the stock to Buy from Hold and kept his $19 price target on November 27. He highlighted the "violent" rebound in demand for cruise vacations as a pivotal factor.
Carnival reported exceptional quarterly revenue of $6.85 billion and earnings that surpassed Wall Street estimates on September 29. The company's CEO, John Weinstein, attributed this success to the unwavering demand for their brands, both in North America and Europe.
Having surged by an impressive 124% in 2023, Carnival shares are well on their way to achieving their best year on record.
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