Winter isn't the time to hop on a sea cruise, but many are snapping up shares of cruise operator Carnival (CCL -0.66%) (CUK -0.88%). The more popular of the company's two listed stocks was gliding along with a nearly 14% rise in price week to date as of early Friday morning, according to data compiled by S&P Global Market Intelligence. Good recent news and an analyst price target bump helped keep the shares buoyant.
Full steam ahead for Cunard
A general rise in travel, even in the usually quieter months after the crucial summer period, is a trend benefiting many companies in the industry. In many respects, technology has made travel easier than ever, and with a still-humming economy, folks have the financial means to take vacations.
The cruise season is over, but those coming up might be very busy indeed for Carnival. On Friday afternoon, the company announced that its high-end Cunard line received its highest-ever number of bookings in the latest Black Friday stretch. No doubt triumphantly, Carnival said it was experiencing "strong booking momentum" for sailings both next year and in 2025.
Granted, Cunard only has three ships, but the public is clamoring to cruise on them is an encouraging sign of broadly robust demand for sea travel.
An analyst hiked his Carnival price target
One person almost certainly taking this into account was Citigroup analyst James Hardman. On Monday, before market open, he upped his price target on Carnival stock to $19 per share from the previous $18. He maintained his buy recommendation in doing so.
That isn't a major increase, of course, but it adds to the bullish momentum powering Carnival stock ahead lately.
