Shares in Carnival Corporation (NYSE:CCL) shares ran into some choppy waters after the Anglo-American cruise line giant was downgraded by a leading Wall Street bank.
Citi moved its recommendation to ‘hold’ from ‘buy’ and dropped its price target for the American traded shares to US$24.50 from US$34.
While it expects the company to benefit from an industry-wide recovery from its pandemic nadir, it won’t do so at the pace of some of its fleeter-of-foot rivals such as Norwegian Cruise Line Holdings.
The shares were down just under 1% at US$22 each. In the last six months, they have tumbled 20%.