Why Carnival Stock Keeps Going Down
This week has not been a fun time to own shares of Carnival (NYSE: CCL) (NYSE: CUK). For three straight days, shares of the cruise tourism giant have gone nowhere but down. Including today's 3.4% slide through 1 p.m. ET, Carnival stock has lost more than 10% of its value since the week began.
That's curious, though -- because it turns out, the news on Carnival this week actually isn't all bad.
On Tuesday, you see, investment banking heavyweight J.P. Morgan waded back into the cruise space with a trio of stock initiations. Carnival rival Royal Caribbean got hit with an underweight (sell) rating while Norwegian Cruise Line Holdings was blessed with an overweight (buy) rating. Carnival got a more muted neutral rating -- but here's the good news: J.P. Morgan thinks Carnival stock is worth $13.
Source Fool.com
