Carnival Forecast Raised

Friday, September 24, 1999
Deutsche Banc Alex. Brown analyst Robin Farley raised her 2000 per-share earnings forecast for Carnival Corp. by 10 cents, to $1.95, saying the world's biggest cruise group was getting better prices. "We believe that Carnival will experience a positive pricing environment in 4Q and 2000 (somewhat helped by Millennium pricing)," Farley wrote in a report. "Additionally, Carnival should benefit from double-digit capacity increases in 2000 of 12.5 percent with the introduction of Carnival Victory, Costa Atlantica and two Holland America ships." Farley said shares of Carnival, operator of 45 ships, could touch $52 if they are given the current price-earnings multiples of other Standard & Poor's 500 companies of 26.6, instead of 23.4, based on her earnings forecast for 2000.
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