Hudson Securities Initiates CCL At Hold

Hudson Securities is initiating coverage of Carnival Corporation (NYSE: CCL) with a Hold rating. “At 16x our 2012 EPS estimate we find the shares fairly valued,” Hudson Securities writes.

“CCL is the largest global cruise industry player. Its 98 ships and 11 brands represent half of global capacity. It caters to most market niches and geographies. It is also the most efficient cruise operator and has the most conservative balance sheet in the industry. It has 10 new ships on order, which represents over half the industry's order book.”

Carnival Corporation closed Thursday at $47.02.