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Carnival Stock Tanks 15% After Morgan Stanley Lowers Price Target

Shares of Carnival Corporation & plc (CCL) tanked over 15% on Wednesday morning after analysts at Morgan Stanley lowered the price target.

CCL is currently trading at $8.78, down $1.55 or 15.02%, on the NYSE. The stock has traded between $8.66 and $27.39 in the past 52-week period. The stock opened its trading at $9.49 after closing Tuesday's trading at $10.33.

Carnival had its price target lowered by analysts at Morgan Stanley to $7.00 from previous target of $13.00.

Carnival operates as a leisure travel company. Its ships visit approximately 700 ports under the Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK), and Cunard brand names.

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