On Monday, CFRA made adjustments to its outlook on Carnival Corporation (NYSE:CCL), reducing the 12-month stock price target from $23.00 to $19.00, yet reaffirming a Buy rating on the stock. The revision reflects a new target price based on 9.8 times the forecasted FY24 (November) enterprise value/EBITDA, which aligns with the historical trading range of 8 to 11 times. The target adjustment is set against an anticipated adjusted EBITDA of $5.6 billion for FY24.
