Demand Environment for Carnival Remains Strong, but Foreign Exchange and Fuel Remain Headwinds
In one of the most recently resilient consumer discretionary categories, demand for travel remains robust, benefiting narrow-moat Carnival. With cumulative advance bookings for the first three quarters of 2017 “well ahead of the prior year--at considerably higher prices,†and heading into the wave season comfortably booked, we think the company could be guiding conservatively for the year ahead. Despite the fact that less than half of capacity is likely booked for 2017 at this time, we expect lo...
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