CCL Stock Price: Carnival Corp set to hit 10-week high above $18 amid growing analyst optimism

Pre-market pricing for NYSE:CCL put the stock price at the highest since early March.
Credit Suisse and other analysts seem more positive on Carnival Corp.
The quicker reopening of developed economies is behind the broad market mood and increases in the cruise industry.

Another day, another double-digit increase? Carnival Corp's stocks closed at $16.28 on Tuesday and are changing hands at above $18 per share in pre-market trading on Wednesday. If it indeed hits that price, it would be the highest since March 11, when the CCL shares were falling sharply but were yet to hit the bottom. At current prices, shares are already double the trough level of $7.80.

Hopes for a coronavirus vaccine continue supporting markets. Novavax and Inovio joined Moderna in reporting advances in developing immunization for the disease. While Merck, another bio company, warned that a vaccine may take a long time, the massive efforts may be encouraging investors to bet on cruise companies. The elderly and vulnerable are among the holidaymakers that opt for a sedentary cruise.

Coronavirus statistics are descending and economies are reopening at a faster pace in Asia, Europe, and the US while COVID-19 rages in South America.

Carnival's upbeat finances put it in a pole position to take over rivals and steam forward. Analysts see its prices further climb, with the consensus target standing at $23.83. While that is a fall from previous levels, it represents a considerable profit from trading levels. Ambrish Shah at Market Realist notes that four analysts recommend buying the stock, two to sell it and 13 to hold it.

CCL Stock Dividend

NYSE:CCL had been raising its dividends in recent years, upgrading them every few quarters. A substantial slash in payouts is likely but is also probably fully priced into the stock. It is critical to note that the current share prices represent a fall of around two-thirds from the 52-week high of $53.86.

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