Wm. Blair resumes CCL coverage with 'outperform' rating

The brokerage's rating is based on 15 times its 94-cent adjusted earnings per share estimate for the stock in 2024.

William Blair analyst Sharon Zackfia also sees the opportunity for an increased portion of enterprise value to be attributed to equity as Carnival pays down debt in earnest in 2025 and beyond.

Price gap with land-based alternatives

'While broader macro concerns exist, we believe a greater-than-normal buffer exists in Carnival’s business today given an unusually large price gap versus land-based alternatives as cruise pricing has significantly lagged land-based hotel and restaurant price increases,' Zackfia said in a note.

CCL shares closed at $13.72 Friday, down 5%.