Analysts at Morgan Stanley have upgraded their recommendation on cruise ship operator Carnival on the back of strong demand signals.
Carnival boss Arnold Donald decided to let go of a batch of shares on 18 October, although the transaction was arranged via a Rule 10b5-1 trading plan in the States, which some see as a vehicle that helps large shareholders avoid the risk of being accused of 'insider dealing'.
Carnival Corporation has increased its quarterly dividend for the second time this year as management expressed confidence in earnings growth and cash flows.
It was calm seas for Carnival during the third quarter as stronger demand drove a five per cent improvement in cruise tiket pricing and the company guided towards the upper end of its previous guidance for profits.
Petrofac: RBC upgrades to Sector Perform with a target price of 500p.
Cruise ship operator Carnival's earnings growth is likely to slow as its significant growth in capacity comes amid greater demand threats in the Caribbean, Mediterranean and China, warned Credit Suisse as it downgraded the company's shares to 'neutral'.
Cruise ship operator Carnival reported better than expected revenue yields for the first quarter and said bookings for the rest of 2017 were well ahead of the prior year with prices rising faster than costs.
Carnival non-executive Director Sir Jonathon Band sold some shares after the start of the new year.
Carnival fell on Monday as Berenberg downgraded the stock to 'hold' from 'buy' and cut the price target to 4,000p from 4,200p.
Hargreaves: Barclays reiterates overweight with a target price of 1560p.
Defensive issues paced gains on Tuesday, with personal goods manufacturers and gas, water and multiutilities leading the pack.
Carnival saw net revenue yields grow near the top end of the company's guidance for the third quarter of its fiscal year, as management boosted its full-year guidance for earnings per share and sounded an optimistic note on its bookings for the next fiscal year.
Cruise and ferry service operator Carnival has declared a quarterly dividend of $0.35 per share and announced Helen Deeble will join the board of directors.
Travel stocks led the way higher at the end of the week as the Footsie advanced towards its largest weekly gain since December 2011, with stock in TUI at the top of the leaderboard but with shares in InterContinental Hotels Group and Carnival close behind as they recovered from falls after the Istanbul airport attacks that killed 43 people.
Credit Suisse marked down its year-end target for the Footsie but was not overly pessimistic, emphasising that it saw rising odds of a 'Brexit lite', versus a hard Brexit which would include invoking Article 50 of the Lisbon Treaty, although in the opinion of its analysts there was now a heightened risk of another Scottish referendum.
Although consensus is that the FTSE 100 will rally if voters in the UK opt to remain in the European Union on Thursday and sell off on a Leave vote, the overall impact of an exit on London stocks may be limited, said SpreadCo analyst David Morrison.
The FTSE was underwater but working it was back to dry land late on Wednesday, as the index's raft of heavyweight miners were buoyed by commodity prices.
Carnival has declared a 17% increase in its quarterly dividend to $0.35 per share after its recent strong results.
First quarter results from Carnival made a splash as sales and earnings beat expectations and the cruise operator ran up higher guidance for the full year.
Cruise operator Carnival is expected to report an increase in first quarter earnings on Wednesday as bookings rise.