Carnival Stock Drops 10% After Q2 Earnings
<p><a href='https://financialmodelingprep.com/financial-summary/CCL'>Carnival (NYSE:CCL)</a> shares plunged more than 10% intra-day today after the company reported its Q2 earnings.</p>
<p>Q2 EPS of ($0.31) came in better than the Street estimate of ($0.34). Revenue was $4.9 billion, beating the Street estimate of $4.78 billion. For the full 2023 year, the company expects adjusted EBITDA of $4.10-$4.25 billion, higher than its previous guidance in March and with a midpoint increase of $175 million.</p>
<p>Following the earnings, Stifel reaffirmed its Buy rating and set a price target of $18.00 for the company, anticipating a "sell the news" reaction from investors regarding the shares. Acknowledging the significant upward trajectory of shares in the past month, analysts believe that short-term investors seeking quick gains have been riding the momentum wave.</p>
<p>The analysts suggest that these investors may question the potential for further improvements in the near term, leading to downward pressure on the stock.</p>

NYSE:CCL