12:40 AM EDT, 03/29/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month target price to $19 from $23, 9.8x our FY24 (Nov.) EV/EBITDA, versus the 8x-11x historical trading range, against our FY24 adj-EBITDA of $5.6B. We keep our FY24 EPS at $1.01 and raise our FY25 EPS to $1.40 from $1.33. CCL posted Q1 adj-EPS of ($0.14), $0.04 above consensus. Revenue of $5,407M (+22.0% Y/Y) was in line with consensus. Adj-EBITDA grew to $871M vs. $837M consensus, with margin expanding to 16.1% (vs. 19.3% in FY 2019). CCL raised its guidance for adj-EBITDA and net income in FY24, following another record for bookings and customer deposits. However, the collapse of the Francis Scott Key Bridge and Red Sea reroutings are expected to have a negative impact in FY24. While concerns persist over a potential decline in cruise travel demand in the back half of FY24 and CCL's leverage, the price difference between land-based vacations remains. Meanwhile, revenue growth continued across CCL's American and European brands, with new fleet investment also planned (i.e., AIDA Evolution).